Morocco’s Trade Deficit Increases by the End of October 2025
Morocco’s Trade Deficit: Significant Increase by the End of October 2025
Morocco’s trade deficit expanded to reach 296.95 billion dirhams (MAD) by the end of October 2025, marking a 19.6% rise compared to the same period last year. This information is revealed in the latest publication by the Foreign Exchange Office, which focuses on the monthly indicators of foreign trade.
Sharp Increase in Imports, Limited Growth in Exports
According to the Foreign Exchange Office, this deterioration in the trade balance is primarily due to a sustained increase in imports of goods, which amounted to 682.15 billion MAD, reflecting a 9.4% rise. In contrast, exports only increased by 2.6% to approximately 385.2 billion MAD. Consequently, the coverage rate declined by 3.7 percentage points, settling at 56.5%.
Imported Products: Significant Rise in Raw Materials and Equipment
The increase in imports is attributed to several categories showing notable growth:
Raw materials: +36.9%
Finished equipment: +15.2%
Consumer goods: +12.7%
Semi-finished products: +6.4%
Food products: +3.8%
These trends indicate a heightened demand for raw materials and equipment intended for domestic production.
Exports: Notable Performance in Phosphates and Aerospace
On the export side, growth remains moderate but is driven by three major sectors:
Phosphates and derivatives: +16.7%
Aerospace: +8.3%
Agriculture and agri-food: +1.1%
These sectors continue to play an essential role in Morocco’s international competitiveness.
Services Balance: Improving Surplus
Meanwhile, the Foreign Exchange Office reports a 10.2% increase in the services balance surplus, reaching 129.19 billion MAD. This development stems from simultaneous growth in:
Service exports: +9.6% (257.27 billion MAD)
Service imports: +9% (128.08 billion MAD)
The services sector, particularly tourism and outsourced services, continues to partially offset the deterioration in goods trade.
