Morocco’s trade deficit widens 15.5% despite strong tourism and investment growth
Morocco’s trade deficit reached 225.29 billion dirhams through August 2025, increasing 15.5% compared to the corresponding 2024 period, according to Foreign Exchange Office data. This widening gap results from import growth outpacing export expansion despite positive performance in other economic sectors.
Imports surged 8.4% to 533.42 billion dirhams while exports grew more moderately at 3.8%, totaling 307.49 billion dirhams. The import coverage ratio declined from 60.8% to 57.6%, indicating deteriorating competitiveness or increased dependency on imported equipment and energy goods.
Moroccan expatriate remittances decreased slightly by 0.6% to 81.7 billion dirhams, though levels remain historically elevated. This minor decline follows years of sustained growth in diaspora financial transfers supporting domestic consumption and investment.
Service trade balance continues providing stabilizing influence, displaying 10.3% surplus growth reaching 102.04 billion dirhams. This improvement primarily stems from tourism revenues, which advanced 14.3% to 87.59 billion dirhams, confirming sustained sector recovery following pandemic disruptions.
Foreign Direct Investment flows recorded spectacular 47.6% increase, reaching 22.95 billion dirhams. This surge demonstrates enhanced kingdom attractiveness among international investors despite uncertain global contexts, validating Morocco’s investment climate improvements and strategic positioning.
The contrasting performance across economic indicators reveals Morocco’s complex trade position. While goods trade deficit widens due to robust domestic demand requiring increased imports, service sector strength and investment inflows partially offset negative impacts. Tourism recovery continues supporting external balance alongside sustained expatriate contributions.
Policymakers face challenges balancing domestic growth requirements with external account pressures. Increased import dependency, particularly for equipment and energy, reflects economic modernization needs while highlighting strategic vulnerabilities requiring diversification efforts and enhanced export competitiveness.