Precious Metals: Swiss Purchases in Morocco Surge by 85%

Swiss Imports of Precious Metals from Morocco Surge in 2026

Swiss imports of precious metals from Morocco saw a significant increase in the first nine months of 2026, reaching nearly 279 million Swiss francs, or approximately 3.33 billion dirhams. According to statistics from the Federal Customs Office (FCO), this surge of 85.3% accounts for almost the entirety of the rise in Swiss purchases from the kingdom, contributing to a shift in the bilateral trade balance in favor of Morocco.

Between January and September 2026, the value of precious metals imported from Morocco totaled 278.94 million Swiss francs, compared to 150.56 million during the same period in 2025. This increase represents an additional 128.38 million francs, despite a slight decrease in declared quantities.

The net weight of the imported goods decreased from 157.8 tonnes to 157.07 tonnes, marking a decline of 0.46%. The discrepancy between value and volume indicates a significant rise in the average customs value of imported products, which may be attributed to fluctuations in international prices, as well as the nature and composition of the shipments.

Precious Metals Now Account for Over Half of Swiss Imports

Across all categories of goods, Swiss purchases from Morocco reached 485.90 million Swiss francs in the first nine months of 2026, approximately 5.8 billion dirhams. This figure marks an increase of 37.4% compared to the 353.77 million francs recorded a year earlier.

Out of the 132.13 million francs increase in Swiss imports from Morocco, 128.38 million were due to precious metals. These metals accounted for 97.2% of the total rise in Swiss purchases from the kingdom.

The proportion of precious metals in Swiss imports from Morocco rose from 42.6% during the first nine months of 2025 to 57.4% in the corresponding period of 2026. Precious metals have thus become the primary driver of trade growth between the two countries.

Significant Increase in the First Half, Followed by a Slowdown

Quarterly trends reveal a notable rise during the first half of 2026. From January to March, the value of Moroccan precious metals imported by Switzerland reached approximately 114.43 million francs, marking a year-on-year increase of 142.5%.

The upward trend continued in the second quarter, with purchases valued at 97.50 million francs, representing a 116.3% increase compared to the same period in 2025.

However, the third quarter saw a marked slowdown. From July to September, Swiss imports of precious metals from Morocco totaled 67 million francs, a mere 14.9% increase. This contrasts sharply with the over 100% increases observed in the previous two quarters.

Monthly data confirm the extent of these fluctuations. In January, purchases hit 33.23 million francs, an increase of 171%. They peaked at 46.20 million in February, a jump of 210.5%, before reverting to 35.01 million in March, still up 74.7%.

In April, imports reached 32.84 million francs, a staggering 341.4% increase from April 2025. They rose to 33.87 million in May and 30.79 million in June, recording year-on-year increases of 74.8% and 68.6%, respectively.

During the summer, purchases amounted to 22.85 million francs in July and 32.34 million in August, with annual growth rates of 65.5% and 52.9%, respectively.

September, however, marked a break in this trend. Swiss imports of Moroccan precious metals dropped to 11.81 million francs, down from 23.33 million a year earlier, representing a 49.4% decline.

Average Value of Imported Goods Increases Sharply

The decline reported in September also affects quantities. The net declared weight of precious metals imported from Morocco fell from 23.63 tonnes in September 2025 to 7.26 tonnes in September 2026, a contraction of 69.3%.

Overall, in the first nine months, the average declared customs value rose from approximately 954 Swiss francs per kilogram in 2025 to 1,776 francs in 2026, an increase of 86.1%.

This indicator reflects the ratio of total declared value to the net weight of goods and does not necessarily provide a direct measure of the market price for a given metal. Its evolution can also mirror differences in the nature of the imported products, their composition, and their degree of transformation.

Thus, the cumulative value increase in imports should be interpreted in light of these varying factors, while the September downturn highlights the irregular nature of trade flows throughout the year.

Other Sectors Show More Moderate Changes

Aside from precious metals, Swiss imports from Morocco grew at a much slower pace. According to the seasonally adjusted total used by the Swiss administration, which notably excludes gold bullion, certain other precious metals, currencies, gemstones, and artworks, these purchases amounted to 206.84 million francs in the first nine months of 2026, up from 203.10 million a year earlier, reflecting a modest increase of 1.84%.

Clothing remains one of the primary categories of Swiss imports from Morocco, with purchases in this sector reaching 83.51 million francs, a 2% rise compared to the same period in 2025.

Food, beverages, and tobacco slightly declined to 57.44 million francs compared to 57.78 million a year earlier. Conversely, imports of road vehicles increased by 12.9%, reaching 30.93 million francs.

Electrical and electronic equipment recorded a 2.8% rise, amounting to 9.07 million francs, while the aerospace sector followed an opposing trend with Swiss imports from Morocco declining by 16.9% to 7.18 million francs.

These figures underscore a mixed evolution of trade across sectors. While road vehicles see growth and clothing and electronics present modest increases, food products and aerospace equipment experience declines.

Trade Balance Shifts in Favor of Morocco

While Swiss purchases from Morocco rose, Swiss exports to the kingdom followed a downward trajectory. From January to September 2026, they decreased by 11.3%, dropping from 368.18 million to 326.61 million Swiss francs.

This decline represents a drop of 41.57 million francs over the year. Combined with the increase in Swiss imports from Morocco, it significantly altered the bilateral trade balance.

In the first nine months of 2025, Switzerland still reported a trade surplus of 14.41 million francs with Morocco. However, for the corresponding period in 2026, Swiss customs statistics now show a deficit of 159.29 million francs, approximately 1.9 billion dirhams, in favor of the kingdom.

This outcome should be understood in light of the accounting method adopted by the Swiss administration. Data may differ from those published by Moroccan customs, notably due to rules regarding commodity valuation, their origin, and recording practices.

Bilateral Trade Increases by 12.5%

In total, merchandise trade between Switzerland and Morocco reached 812.51 million Swiss francs in the first nine months of 2026, compared to 721.95 million during the same period in 2025. This 12.5% increase reflects a strengthening of bilateral exchanges, albeit with very different trends for the two trade flows.

The rise in Swiss purchases relies primarily on precious metals, while Swiss exports to Morocco are declining. This configuration explains the shift from a Swiss surplus to a trade deficit within the FCO’s statistics.

For Morocco, these results highlight the growing significance of precious metals in its exports to Switzerland. They also remind us that an increase in the value of trade does not necessarily imply a rise in export quantities and that a comprehensive analysis should consider the composition of goods, their valuation, and developments in other sectors.