Morocco's trade deficit has widened to 282.6 billion dirhams as of August 2026, marking a 25.4% increase from the same period last year. The country's import bill rose to 617.5 billion dirhams, while exports reached 334.9 billion dirhams. This resulted in a coverage ratio of 54.2%, down 3.5 points from the previous year. The Office des changes reported that the deficit grew due to a 15.8% increase in imports, outpacing the 8.7% growth in exports.
The import surge was driven by various categories, including energy and equipment goods. The energy bill rose 32.6% to 96.4 billion dirhams, while imports of finished equipment goods increased 19.3% to 148.7 billion dirhams. Additionally, imports of raw materials jumped 63.3% to 45.9 billion dirhams, and consumer goods rose 10.1% to 143.5 billion dirhams. These increases were widespread, with only a few categories experiencing moderate growth.
Despite the widening trade deficit, Morocco's exports showed signs of growth, driven by key sectors such as automotive, aeronautics, and agri-food. The automotive sector led the way, with exports reaching 116.15 billion dirhams, a 14.5% increase from the previous year. Within this sector, construction automotive exports rose 19% to 44.75 billion dirhams, while wiring harnesses grew 13.9% to 44.78 billion dirhams.
The aeronautics sector also demonstrated strong growth, with exports increasing 21.5% to nearly 23 billion dirhams. The assembly segment saw a 26.9% rise to 15.87 billion dirhams, while the electrical interconnection systems segment experienced significant growth. These gains were partially offset by the rising import bill, which was fueled by energy costs and equipment purchases.
In addition to trade developments, Morocco's tourism and remittance inflows continued to improve. The country's tourism revenues and transfers from Moroccan expatriates showed sustained growth, providing some relief to the widening trade deficit. Meanwhile, foreign direct investment (FDI) inflows increased by 65%, according to the Office des changes.
The Moroccan economy's external accounts faced contrasting trends during the first eight months of 2026. While certain sectors, such as automotive and aeronautics, posted notable gains, the overall trade deficit expanded significantly. The government and central bank will likely monitor these developments closely, given their implications for the country's external financing needs and economic growth prospects.
Looking ahead, Morocco's trade performance will depend on various factors, including global commodity prices, economic trends in key export markets, and the competitiveness of domestic industries. The government's efforts to promote export-led growth, diversify the economy, and enhance the business climate will be crucial in addressing the widening trade deficit and promoting sustainable economic growth.
Key points
- Morocco's trade deficit widened to 282.6 billion dirhams as of August 2026, driven by a 15.8% increase in imports.
- Exports grew 8.7% to 334.9 billion dirhams, led by the automotive and aeronautics sectors.
- Foreign direct investment inflows increased by 65% during the same period.
