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Morocco’s Trade Deficit Swells to Over 127 Billion Dirhams in First Four Months of 2026
The Office des Changes announced that Morocco’s commercial deficit reached 127.04 billion dirhams in the first four months of 2026, up 18.4 % year‑on‑year. Imports rose faster than exports, driven by strong growth in raw materials, equipment and consumer goods, while the services surplus expanded by 16.4 % thanks to higher both imports and exports of services. The data highlights a widening gap in the merchandise balance but a healthier performance in the services sector, a mixed signal for the country’s external position.
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The Office des Changes reported that Morocco’s commercial deficit rose to 127.04 billion dirhams (MMDH) for the first four months of 2026, an 18.4 % increase compared with the same period in 2025.
Why the deficit widened
Imports surged by 12.7 % to 295.9 MMDH, outpacing export growth of 8.7 % to 168.856 MMDH. The coverage ratio fell two points, settling at 57.1 %.
Key import categories
- Raw materials: +48.8 % to 19.23 MMDH
- Equipment‑finished goods: +21.8 % to 72.6 MMDH
- Consumer‑finished goods: +15.2 % to 72.97 MMDH
- Intermediate products: +2.7 % to 56.92 MMDH
- Food products: -5.9 % to 31.51 MMDH
Export performance
Export growth was led by the automotive sector (+18.6 % to 58.28 MMDH) and aerospace (+15.9 % to 11.03 MMDH). Declines were recorded in:
- Textile & leather: -6.7 %
- Electronics & electricity: -3.5 %
- Phosphates & derivatives: -1.5 %
The agriculture & agri‑food sector bucked the trend with a modest rise of +0.8 %.
Services balance
The services surplus expanded by 16.4 % to 54.91 MMDH. Both imports (+11.4 % to 51.18 MMDH) and exports (+13.9 % to 106.09 MMDH) of services grew, reinforcing the positive swing.