Morocco’s trade deficit widens by 15.9% by end of July 2025

Morocco’s trade deficit deepened significantly in the first seven months of 2025, reaching 194.9 billion dirhams, up 15.9% from 168.2 billion dirhams recorded during the same period in 2024.

This came on the back of a sharp increase in imports, which rose by 8.8% to 469.7 billion dirhams, while exports grew more modestly by 4.2%, totaling 274.8 billion dirhams. As a result, the coverage rate fell to 58.5%, down from 61.1% a year earlier

The surge in imports was led by Finished equipment goods (+14.5%), including aircraft and aerospace vehicles (+2.7 billion DH), aircraft parts (+2.3 billion DH), and various machinery (+1.1 billion DH).

Other finished products imports rose 13.7%, notably passenger cars (+39.9%), pharmaceuticals (+17.6%), and furniture and lighting articles (+23.2%), while Semi-finished goods increased 6.8%, with notable increases in chemicals, plastics, and copper products

Export growth was uneven across sectors. Finished equipment goods rose by 20.9%, driven by strong sales of fertilizers (+6.5 billion DH), phosphates (+2 billion DH), and phosphoric acid (+980 million DH).

Agriculture and agri-food exports increased by 3.4%, thanks to higher agricultural and forestry product sales, though food industry exports declined.

Aerospace exports climbed 8.9%, supported by gains in assembly and EWIS segments.

Electronics fell by 6.5%, due to a drop in electronic components, partially offset by cable exports.

Textiles and leather declined by 3.3%, with lower sales of garments and hosiery.

Automotive exports dipped 1.8%, as a sharp drop in vehicle construction (-5.1 billion DH) was only partly offset by growth in wiring exports (+1.6 billion DH).