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Morocco’s Trade Gap Swells to Nearly DH200 Billion in H1 2026
Morocco’s external trade balance recorded a sharp widening in the first half of 2026, with the deficit reaching DH 198.38 billion – a 23.5 % increase over the same period last year. Imports surged 15.3 % while export growth lagged at 9.7 %, pushing the coverage ratio down to 56.8 %. Despite a stronger services surplus, the trade imbalance signals pressure on the current account.
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Key Figures for the First Six Months of 2026
The Office of Foreign Exchange reports that Morocco’s trade deficit rose to DH 198.38 billion, a 23.5 % increase compared with the same period in 2025.
Why the Deficit Expanded
Imports surged 15.3 % to DH 458.77 billion, outpacing export growth which was limited to 9.7 % (DH 260.39 billion). Consequently, the coverage ratio slipped by 2.8 points to 56.8 %.
Import Breakdown
- Raw materials: +37.7 % to DH 28.82 billion
- Equipment finished goods: +21.2 % to DH 112.34 billion
- Consumer finished goods: +14.2 % to DH 111.11 billion
- Semi‑finished products: +3.7 % to DH 87.85 billion
- Food products: modest rise of 1.4 % to DH 48.88 billion
Export Highlights
- Automotive sector: +17.4 % to DH 93.65 billion
- Aerospace sector: +19.3 % to DH 17.32 billion
- Agriculture & agri‑food: +5.7 %
Conversely, exports in the following areas fell:
- Textile & leather: –6.5 %
- Electronics & electricity: –4.4 %
- Phosphates & derivatives: –2.3 %
Services Balance Improves
The services surplus expanded by 16.8 % to DH 80.03 billion. This reflects higher export revenues (+14.1 % to DH 161.15 billion) alongside a rise in imports of services (+11.6 % to DH 81.12 billion).
Related Economic Headlines
- Tourism welcomed ~9.4 million visitors in H1 2026.
- Office of Foreign Exchange recorded a 7 % rise in revenues for 2025.
- World Cup 2026 spurs global travel spending.
- Morocco plans 60,000 additional hotel beds for the 2030 World Cup.