Morocco's Trade Balance Deficit Increases Significantly

In the first half of 2026, Morocco has experienced a notable expansion in its trade balance deficit, which has increased by 23.5% to reach 198.38 billion Moroccan Dirhams, equivalent to approximately 18.15 billion Euros. This rise marks a significant escalation compared to the previous year's deficit of 160.58 billion Dirhams, or around 14.69 billion Euros. Consequently, the import coverage ratio has fallen by 2.8 percentage points to 56.8%, marking the lowest level since 2018. According to recent data from the Moroccan Foreign Exchange Office, this widening gap in trade is primarily attributed to an imbalance in the growth of trade flows.

Imports surged by 15.3% to 458.77 billion Dirhams (approximately 41.97 billion Euros), while exports only increased by 9.7% to 260.39 billion Dirhams (23.82 billion Euros). The significant rise in energy costs has heavily impacted the trade balance, with imports of energy and lubricants soaring by 28.9% to 68.58 billion Dirhams (about 6.27 billion Euros). Contributing factors included heightened supply volumes of diesel and heating oil as well as geopolitical tensions in the Middle East leading to price hikes in international markets; notably, Brent crude oil prices surpassed the $100 per barrel mark in July.

Key Drivers of Growth in Exports

Additionally, imports of finished equipment and capital goods rose by 21.2% to 112.34 billion Dirhams, driven by increased purchases of commercial vehicles, which surged by 73.7%, alongside significant acquisitions in aircraft and aerospace components, which jumped by 136.2%. Consumer goods also saw a rise in imports, including passenger cars (up by 18.1%) and pharmaceutical products (up by 15.4%). On the export front, modern industrial sectors have remained the primary growth drivers. The automotive industry recorded a remarkable increase of 17.4% to 93.65 billion Dirhams, while the aerospace exports increased by 19.3% to 17.32 billion Dirhams. Moreover, the agricultural and food sectors grew by 5.7% to 52.38 billion Dirhams.

Conversely, phosphate and phosphate derivative exports decreased by 2.3% to 45.42 billion Dirhams. The textile and leather sectors also faced declines, dropping by 6.5% to 21.6 billion Dirhams, while the electronics sector saw a reduction of 4.4% to 6.62 billion Dirhams. A Moroccan industrialist indicated to the news portal Le360 that the increase in the deficit requires a nuanced evaluation. While imported energy primarily meets immediate needs, the import of machinery and transportation means aims to enhance industrial infrastructure. The central economic challenge now lies in translating these invested capacities into a higher export volume in the future.

As reported by maghreb-post.de.