Morocco's external trade has recorded a significant deterioration in its commercial balance for the first nine months of 2026. The country's trade deficit reached 323.94 billion dirhams, marking a 25.4% increase from approximately 258.3 billion dirhams during the same period in 2025. This widening deficit is primarily attributed to a 17% rise in imports, which totaled nearly 708 billion dirhams, while exports grew by 10.7% to reach 384.05 billion dirhams.
An analysis of Morocco's imports reveals a notable increase across all major product categories. The most substantial growth was observed in raw materials, which surged by 60.9% to 52.06 billion dirhams. The energy bill also saw a significant hike of 37%, reaching 111.59 billion dirhams. This substantial rise in energy costs is a major contributor to the increase in Moroccan imports. Furthermore, equipment imports rose by 22% to 173.38 billion dirhams, reflecting the country's ongoing investment needs.
The import growth was not limited to these categories, as finished consumer goods increased by 9% to 162.69 billion dirhams, while semi-finished products grew by 4.3% to 133.73 billion dirhams. Food product imports also saw a moderate increase of 2.9%, totaling 72.54 billion dirhams. These trends indicate a broad-based rise in Morocco's import bill, which has contributed to the widening trade deficit.
On the export front, Morocco's performance varies significantly across different sectors. The automotive industry remains the leading exporter, with sales exceeding 132.11 billion dirhams as of September, representing a 14.3% year-on-year increase. This growth is driven by the cable, automotive construction, and automotive exterior segments. The aerospace sector also demonstrated notable growth, with exports reaching 26.21 billion dirhams, up 22.3% from the previous year.
Agricultural and agri-food exports showed a moderate increase of 10.7% to 72.43 billion dirhams. Phosphate and derivative sales recorded a slight increase of 0.2% to 74.65 billion dirhams. However, not all sectors performed well, as textile and leather exports declined by 5% to 32.15 billion dirhams. The electronics and electrical sectors also experienced a minor drop of 0.4% to 10.29 billion dirhams.
In contrast to the merchandise trade, Morocco's services sector continues to exhibit a surplus. The services balance surplus grew by 14.8% to reach 135.8 billion dirhams as of September 2026. This positive performance in the services sector provides some respite from the challenges posed by the widening trade deficit in goods.
The ongoing widening of Morocco's trade deficit poses significant challenges for the country's economic policymakers. With imports continuing to outpace exports, efforts to boost domestic production and enhance export competitiveness will be crucial in addressing this imbalance. The government's strategies to support key export sectors, such as automotive and aerospace, may help mitigate the deficit.
Key points
- Morocco's trade deficit reached 323.94 billion dirhams as of September 2026.
- The country's imports rose by 17% to nearly 708 billion dirhams.
- The services sector surplus grew by 14.8% to 135.8 billion dirhams.
