Morocco’s foreign trade evolved within persistent imbalances during 2025’s first eleven months, with Exchange Office figures showing significant trade deficit widening, translating to accentuated pressure on goods exchange balance according to recent data analysis.
This situation stems primarily from sustained import increases substantially exceeding export growth. Domestic demand combined with industrial and agricultural input needs heavily fueled the import bill. Simultaneously, Moroccan exports progressed at limited pace, constrained by underperformance across several key sectors despite certain industries’ solid performance. Coverage ratio evolution clearly illustrates this growing imbalance, while international context marked by high commodity prices continues weighing on exchanges.
Goods imports reached 752.34 billion dirhams through November 2025, rising 9.2%, representing 63.2 billion dirham increase compared to 2024’s corresponding period. This progression reflects robust internal demand and productive apparatus’ increased needs. Capital goods recorded marked 15% increase, driven notably by utility vehicle purchases surging 69.3%, alongside aircraft and aerospace component imports. Consumer products also progressed significantly, up 12.9%, reflecting passenger car import increases at 39.7% and pharmaceutical products rising 17.4%.
Raw product imports jumped 34.9%, pulled primarily by raw sulfur up 79.6%, a strategic input for fertilizer industry. Food products showed more moderate 4.3% increase in a context marked by wheat imports declining at negative 4%. Energy and lubricant imports fell 5.3% but remained elevated to 98.7 billion dirhams.
Facing this import dynamic, Moroccan exports progressed only 1.8%, reaching 423.5 billion dirhams. Automotive sector recorded 3.1% decline, primarily attributed to vehicle construction falling 15%, despite wiring progression at 6.1%. Textiles and leather continued downward trends at negative 4.7%, with electronics also contracting notably at negative 8.7%. Import coverage by exports degraded 4.1 points, falling from 60.4% to 56.3% through November 2025.
