Morocco’s trade deficit widened to 198.38 billion dirhams by the end of June 2026, up 23.5 percent from the same period last year, according to figures from the Foreign Exchange Office, as import growth continued to outpace export growth despite a resilient performance from the kingdom’s industrial exporters.
Goods imports rose 15.3 percent to 458.77 billion dirhams during the first half of the year, while exports grew at a slower pace of 9.7 percent to 260.39 billion dirhams, pushing the coverage ratio, which measures exports as a share of imports, down 2.8 points to 56.8 percent.
Import growth was driven primarily by raw materials, up 37.7 percent to 28.82 billion dirhams, finished equipment goods, up 21.2 percent to 112.34 billion dirhams, and finished consumer goods, up 14.2 percent to 111.11 billion dirhams, alongside more modest increases in semi-finished goods, up 3.7 percent to 87.85 billion dirhams, and food products, up 1.4 percent to 48.876 billion dirhams.
On the export side, gains were led by the automotive sector, up 17.4 percent to 93.65 billion dirhams, and aerospace, up 19.3 percent to 17.32 billion dirhams, while agriculture and agri-food exports rose 5.7 percent. Textile and leather, electronics and electrical goods, and phosphates and derivatives all posted declines over the period, falling 6.5 percent, 4.4 percent and 2.3 percent respectively.
Morocco’s services balance provided a partial offset to the widening goods deficit, with the surplus there rising 16.8 percent to 80.03 billion dirhams, as services exports grew 14.1 percent to 161.15 billion dirhams, comfortably outpacing an 11.6 percent rise in services imports to 81.12 billion dirhams over the same six-month period.
