Morocco's trade deficit has continued to widen, driven by a surge in imports outpacing export growth. According to the Office of Exchange, imports reached 617.5 billion dirhams in the first eight months of 2026, a 15.8% increase from the same period last year. Meanwhile, exports rose by 8.7% to 334.9 billion dirhams. This resulted in a trade deficit of 282.6 billion dirhams, a 25.4% increase from the previous year.
The energy and equipment sectors have been major contributors to the rising import bill. The energy bill reached 96.4 billion dirhams, a 32.6% increase, while imports of finished equipment products rose by 19.3% to 148.7 billion dirhams. Additionally, imports of consumer goods increased by 10.1% to 143.5 billion dirhams, and semi-finished products rose by 4.9% to 171.9 billion dirhams. The import bill for raw materials also increased by 31.2% to 43.6 billion dirhams.
On the export side, different sectors have shown varying performances. The automotive sector saw a 14.5% increase in exports to 116.1 billion dirhams, while the aerospace sector recorded a 21.5% increase to 23 billion dirhams. The agriculture and food industry sector also grew by 8.3% to 65.1 billion dirhams. However, exports of phosphates and derivatives declined by 6%, while textiles and leather decreased by 5.6%, and electronics and electrical products fell by 2.9%.
The European Union remains Morocco's largest trading partner, accounting for 59.8% of total trade. The EU is also the largest market for Moroccan exports, taking 69.7% of total exports. Spain is Morocco's largest European partner, followed by France, Germany, Turkey, and Italy. However, this reliance on the European market raises concerns about the country's ability to diversify its exports and reduce its dependence on a limited number of markets.
Asia has been increasing its presence in Morocco's trade, with a 15.6% rise in exchanges in 2025. China, Morocco's main Asian partner, saw a 25.1% increase in trade, while India and Bangladesh also recorded significant growth. However, this growth in trade with Asia does not necessarily translate to an improvement in the trade balance, as it depends on the balance between exports and imports with each partner.
Morocco's trade with other regions also showed mixed results. In the Americas, trade increased by 8%, driven by growth with the United States. However, trade with Canada and Brazil declined. In Africa, trade rose by 6.1%, driven by growth with South Africa, Tunisia, and Egypt. Egypt remains Morocco's largest African trading partner for the seventh consecutive year.
The widening trade deficit highlights the need for Morocco to diversify its exports, improve its competitive edge, and reduce its reliance on imports. The government has been implementing reforms to support the growth of the manufacturing sector and improve the business environment. However, more needs to be done to address the country's trade imbalance and promote sustainable economic growth.
Key points
- Morocco's trade deficit widened by 25.4% to 282.6 billion dirhams in the first eight months of 2026.
- The energy bill and equipment imports were major contributors to the rising import bill.
- The European Union remains Morocco's largest trading partner, accounting for 59.8% of total trade.
