Morocco's Trade Deficit Exceeds 159 Billion Dirhams in First Five Months of 2026

Morocco's trade deficit has seen a substantial increase, reaching over 159 billion dirhams in the first five months of 2026. This represents a 20.8% rise compared to the same period in the previous year, according to the latest bulletin from the Exchange Office.

The widening gap is primarily attributed to a surge in imports, which climbed by 11.8% to 370.5 billion dirhams. This growth in imports outpaced the expansion of exports, which saw a more modest increase of 5.8%, totaling 211.41 billion dirhams. Consequently, the trade coverage rate, a key indicator of a country's trade balance, declined by 3.2 percentage points to settle at 57.1%.

Analysis of import trends reveals significant increases across various product categories. Raw materials saw a notable rise of 42.5%, followed by energy and lubricants at 20.7%, and semi-finished goods at 18.7%. Consumer goods and ready-to-use products also increased, while food imports experienced a slight decrease of 2.4%.

On the export side, the automotive sector led the growth with a 15.9% increase, followed by the aviation sector with a 14.2% rise. However, exports in the textile and leather, electronics and electrical, and phosphate and its derivatives sectors all experienced declines. Despite the overall trade deficit, Morocco's services balance recorded a surplus, increasing by 11.1% due to growth in both services imports and exports.