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Morocco’s Trade Gap Swells to Over DH159bn by End‑May 2026
Morocco’s external trade balance worsened sharply in the first five months of 2026, with the trade deficit expanding to DH 159 billion – a 20.8 % jump year‑on‑year. The gap widened because imports surged 11.8 % while export growth lagged at 5.8 %. The rise was driven by higher purchases of crude products, energy, equipment and consumer goods, whereas food imports fell slightly. Export gains were limited to the automotive and aerospace sectors, while textiles, electronics and phosphates fell short. Meanwhile, the services surplus grew modestly, offsetting part of the negative trend.
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Key figures for the first five months of 2026
The Office des Changes reports that Morocco’s trade deficit reached DH 159 billion, up 20.8 % compared with the same period in 2025. The imbalance reflects a stronger rise in imports than in exports.
Imports surge ahead of exports
Overall imports grew 11.8 % to DH 370.5 billion. The main drivers were:
- Crude products: +42.5 % (DH 24.15 bn)
- Energy and lubricants: +20.7 % (DH 55.18 bn)
- Finished equipment: +18.7 % (DH 89.92 bn)
- Consumer goods: +10.8 % (DH 89.3 bn)
- Semi‑finished goods: +0.2 % (DH 70.76 bn)
- Food products: –2.4 % (DH 40.16 bn)
Exports lag behind
Exports increased by 5.8 % to DH 211.41 billion. Growth was limited to a few sectors:
- Automotive: +15.9 % (DH 77.05 bn)
- Aerospace: +14.2 % (DH 13.85 bn)
By contrast, the following sectors saw declines:
- Textile & leather: –9.1 %
- Electronics & electricity: –9.8 %
- Phosphates & derivatives: –11.2 %
Services balance shows a modest improvement
The surplus in the services account rose 11.1 % to DH 64.3 billion. This was driven by a parallel increase in both imports (+10.1 %) and exports (+10.6 %) of services.
Overall, the coverage ratio fell by 3.2 points, settling at 57.1 %.