Global Economy
Morocco's External Trade Prices Surge: Import Unit Values Up 10%, Exports Jump 10.9% in Q2 2026
Morocco's High Commission for Planning (HCP) reports a sharp acceleration in external trade prices during Q2 2026. Import unit values rose 10% year-on-year, driven by a 97% surge in raw mineral products and a 53% jump in energy prices. Export unit values climbed 10.9%, led by semi-finished goods (+23.4%) and energy (+44.5%). The data signals persistent commodity cost pressures reshaping the Kingdom's terms of trade.
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Morocco's High Commission for Planning (HCP) has released its quarterly External Trade Indices (ICE) for the second quarter of 2026, revealing a marked acceleration in the prices of goods crossing the Kingdom's borders. Both import and export unit value indices posted double-digit year-on-year gains, underscoring persistent inflationary pressures in global commodity markets.
Import Prices Jump 10%, Led by Energy and Minerals
The import unit value index rose 10.0% compared to Q2 2025. The surge was overwhelmingly driven by two categories:
- Raw mineral products: +97.0%
- Energy and lubricants: +53.1%
More moderate increases were recorded across semi-finished products (+4.6%), raw animal and vegetable products (+4.1%), finished industrial equipment (+1.2%), and finished consumer goods (+0.8%). Partially offsetting these gains, prices declined for food, beverages and tobacco (-0.6%) and finished agricultural equipment (-3.3%).
Export Values Climb 10.9% Across the Board
On the export side, the unit value index advanced 10.9% year-on-year, with broad-based gains across all major categories:
- Semi-finished products: +23.4%
- Food, beverages and tobacco: +16.2%
- Finished agricultural equipment: +14.4%
- Energy and lubricants: +44.5%
- Raw mineral products: +7.6%
- Finished industrial equipment: +5.0%
- Finished consumer goods: +3.6%
Implications for Terms of Trade
The simultaneous rise in both import and export prices illustrates the pass-through of elevated global raw material and processed goods costs into Morocco's trade structure. While higher export values support revenue, the sharper increase in key import categories — particularly energy and minerals — may pressure the trade balance and domestic cost structures in the near term.