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Morocco's Trade Deficit Widens 25% to MAD 282.6B as Energy Imports Surge, Tourism Revenue Hits Record MAD 97.9B
Morocco's trade deficit expanded sharply to MAD 282.6 billion by end-August 2026, a 25.4% year-on-year increase driven by soaring energy imports and raw material purchases. The coverage rate fell to 54.2%. However, bright spots emerged: automotive exports rose 14.5% to MAD 116.1B, aerospace shipments jumped 21.5%, and travel receipts hit a record MAD 97.9B (+9.7%). Remittances from Moroccans abroad reached MAD 89.2B, while net FDI inflows surged 65% to MAD 34.3B, partially offsetting the goods deficit.
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Trade Deficit Widens on Energy and Raw Material Imports
According to the Office des Changes, Morocco's merchandise trade deficit reached MAD 282.615 billion by end-August 2026, marking a 25.4% increase compared to MAD 225.3 billion recorded a year earlier. With imports outpacing exports, the coverage rate declined to 54.2%, down 3.5 percentage points year-on-year.
Imports Surge 15.8%, Led by Energy Bill
Total merchandise imports climbed to MAD 617.5 billion (+15.8%). The energy bill jumped 32.6% to MAD 237.3 billion, driven primarily by gas oil and fuel oil purchases which surged 44.9%. Raw product imports soared 63.3%, notably due to a MAD 17.849 billion increase in crude sulfur purchases.
- Capital goods: +19.3%, fueled by aircraft parts, utility vehicles, and aircraft/spacecraft acquisitions
- Consumer goods: +10.1%
- Semi-finished products: +3.1%
- Food imports: Wheat purchases fell 18.4%, while corn and oilseed meal imports rose
Export Performance: Automotive and Aerospace Lead Gains
The automotive sector remained Morocco's top export contributor, with sales reaching MAD 116.1 billion (+14.5%). Aerospace exports posted strong growth of 21.5%, while agriculture and agro-food advanced 8.3%. On the downside, phosphate and derivative exports declined 6%, and textiles/leather fell 5.6%.
Services Surplus Improves, Tourism Revenue Hits Record
The services balance surplus widened 13.4% to MAD 118.3 billion. Service exports rose 12.6% and imports grew 11.7%. Travel receipts reached a record MAD 97.926 billion (+9.7%), against expenses of MAD 23.305 billion, yielding a net surplus of 10.8%.
Remittances and FDI Provide External Buffer
Remittances from Moroccans Resident Abroad (MRE) totaled MAD 89.215 billion, up from MAD 81.846 billion a year earlier. Net Foreign Direct Investment (FDI) inflows showed strong momentum, reaching MAD 34.334 billion, a 65% year-on-year increase.