Morocco's trade deficit has widened to 323.94 billion dirhams (MMDH) at the end of September 2026, marking a 25.4% increase compared to the same period in 2025, according to the Office des changes. This significant rise in the deficit is primarily attributed to a substantial increase in imports. The country's import bill surged by 17% to nearly 708 MMDH, outpacing the growth in exports, which rose by 10.7% to 384.05 MMDH.
The notable increase in imports can be largely attributed to the rise in various product categories. The Office des changes reported that the cost of raw materials increased by 60.9% to 52.06 MMDH, while the energy bill rose by 37% to 111.59 MMDH. Additionally, the import costs of finished equipment products, finished consumer products, semi-finished products, and food products also saw significant increases of 22%, 9%, 4.3%, and 2.9%, respectively.
On the export front, Morocco witnessed a positive trend in several key sectors. The aerospace industry saw its exports rise by 22.3% to 26.21 MMDH, while the automotive sector recorded a 14.3% increase to 132.11 MMDH. The agriculture and agro-food sectors also experienced growth, with exports rising by 10.7% to 72.43 MMDH. Furthermore, the "Phosphates and derivatives" sector saw a modest 0.2% increase in exports to 74.65 MMDH.
However, not all sectors experienced growth in exports. The "Textile and leather" and "Electronics and Electricity" sectors witnessed declines of 5% and 0.4%, respectively, with their export values dropping to 32.15 MMDH and 10.29 MMDH. These decreases highlight the varied performance across different industries.
Despite the widening trade deficit, Morocco's balance of services showed a positive trend. The Office des changes reported an increase in the surplus of the services balance by 14.8% to 135.8 MMDH. This improvement was driven by a 13.1% rise in service exports and an 11.3% increase in service imports.
The Office des changes' recent bulletin also highlights the evolving dynamics of Morocco's external trade. The growth in imports outpacing that of exports has contributed to the widening trade deficit. Understanding these trends is crucial for policymakers aiming to address the imbalance and foster sustainable economic growth.
The Moroccan government's efforts to support economic sectors and manage the trade deficit are ongoing. With the deficit showing a significant increase, there will likely be a focus on strategies to boost exports and manage import growth. Key sectors such as aerospace, automotive, and agriculture will likely play a crucial role in these efforts.
Key points
- Morocco's trade deficit reached 323.94 billion dirhams in the first nine months of 2026, up 25.4% from the same period last year.
- The increase in imports, particularly in raw materials and energy, contributed significantly to the widening trade deficit.
- Despite the trade deficit, Morocco's services balance showed an improvement, with a 14.8% increase in the surplus to 135.8 MMDH.
