Global Economy
Wholesale Trade Outlook: 22% of Moroccan Wholesalers Expect Sales Growth in Q1‑2026
The Haut‑Commissariat au Plan (HCP) released its quarterly business climate survey for the first quarter of 2026, showing that 22 % of wholesale firms expect a rise in overall sales while 68 % anticipate stability. The expected growth is driven by food, beverage, tobacco, domestic goods and raw agricultural products, whereas sectors such as ICT equipment and specialised wholesale are projected to contract. Employment is likely to stay flat for most firms, with a modest increase foreseen by a minority. In the preceding quarter (Q4‑2025) sales were reported as higher by 26 % of respondents, mainly thanks to ICT and industrial equipment wholesale, while food‑related wholesale fell. Stock levels were normal and selling prices showed modest declines.
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Key Findings from HCP Survey for Q1 2026
Morocco’s Haut‑Commissariat au Plan (HCP) released its latest quarterly business‑climate survey, showing that 22 % of wholesale traders expect a rise in total sales during the first quarter of 2026, while 68 % anticipate sales to remain flat.
- Potential sales drivers: wholesale of food, beverages and tobacco; domestic goods; raw agricultural products and live animals.
- Segments likely to contract: information‑technology and communications (ICT) equipment, and other specialised wholesale categories.
According to 79 % of respondents, the order book for Q1 is at a "normal" level. Employment is projected to increase for 21 % of wholesalers, with 77 % expecting no change.
Backdrop: Q4 2025 Performance
In the prior quarter, 26 % of wholesalers reported higher sales and 62 % said volumes were stable. The uplift was mainly driven by ICT equipment, other industrial equipment and specialised wholesale, while sales of food‑related products fell.
Employment remained stable for 86 % of firms, inventory levels were judged normal by 88 %, and selling prices fell according to 32 % of respondents, with 66 % seeing no change.