Investment push widens Morocco’s trade deficit

The ongoing development projects in Morocco meant the country had to import more equipment and semi-finished products in 2024, leading to an expansion of the trade deficit by 7.3% at 300 billion dirhams ($30 bln).

Imports at $76.1 billion outweighed exports at $43 billion, the foreign exchange regulator said.

Morocco’s leading exports were cars and their components with a total value of $15.67 billion, up 6.3%, followed by phosphates and fertilizers at $8.6 billion, up 13.1%.

Aerospace industry hit a new export record of $2.64 billion, up 14.3%, as Morocco continues to attract aerospace industry giants and their suppliers.

Energy imports dropped by 6.5% to $11.5 billion, offsetting the expansion of the trade deficit due to a surge in goods and equipment imports to $18 billion, up 13%.

Tourism revenue hit a new record of $11.2 billion, up 7.3%, while remittances from Moroccans abroad rose to $11.7 billion.