Casablanca – Morocco’s trade deficit continued to widen during the first seven months of 2026, reaching about $25.2 billion by the end of July, as the value of imports increased considerably faster than exports. The latest figures from the Office des Changes show that the merchandise trade gap rose by 26.5% compared with the same period of 2025. 

The deterioration in the trade balance came as goods imports climbed by 15.9% to approximately $56.1 billion, while exports increased by 8.4% to around $30.9 billion. The difference between the two rates of growth resulted in a decline in the import coverage ratio, which fell by 3.8 percentage points to 55%. 

The figures indicate that Morocco’s foreign trade continued to expand in both directions during the January-July period, but the increase in purchases from international markets was substantially stronger than the growth in Moroccan sales abroad. 

Energy remained one of the main contributors to the increase in imports. Morocco’s energy import bill rose by 29.1% to approximately $8.37 billion. The increase added pressure to the merchandise balance at a time when the country continues to rely heavily on imported energy products. 

Raw-material imports recorded an even stronger percentage increase, rising by 52.2% to around $3.81 billion. Imports of finished capital goods increased by 20.8% to approximately $13.73 billion, while finished consumer goods rose by 12.3% to about $13.39 billion. 

The increase in capital-goods imports reflects continued purchases of equipment and machinery from foreign markets, while higher consumer-goods imports point to sustained demand for products supplied from abroad. Semi-finished products and food imports also increased, although at more moderate rates. 

On the export side, Morocco’s industrial sectors continued to provide much of the growth. The automotive industry remained the country’s largest export sector, with foreign sales increasing by 14.9% to approximately $11.05 billion during the first seven months of the year. 

Growth was recorded across several automotive activities. Vehicle construction exports increased by 19.9%, while cabling rose by 13.8%. The exterior-related segment recorded a particularly strong increase of 47.9%. 

The aerospace industry also maintained a high rate of expansion. Aerospace exports rose by 19.7% to approximately $2.12 billion. The increase was supported by higher sales in assembly activities and electrical wiring and interconnection systems. 

Agriculture and the agri-food industry provided another positive contribution to export growth. Combined exports from the sector increased by 7%, while food-processing exports rose by 13.3%. 

However, the performance of Morocco’s export sectors remained uneven. Phosphate and phosphate-derivative exports declined by 7.8%. Textile and leather exports fell by 5.5%, while electronics and electrical-product exports decreased by 2.9%. 

The weaker performance of these sectors partly limited the overall growth of exports and contributed to the continued difference between export and import growth. 

The widening goods deficit was partly offset by stronger results in services. Morocco recorded a services trade surplus of approximately $9.84 billion during the first seven months of 2026, representing an increase of 13.2% compared with the same period a year earlier. 

Tourism remained a major contributor to foreign-currency earnings. Travel receipts reached approximately $8.14 billion by the end of July, up 13.4% from the corresponding period of 2025. The increase came as Morocco continued to attract international visitors and generate higher revenues from travel-related activities. 

The tourism figures follow a strong first half of the year. Morocco welcomed nearly 9.4 million visitors during the first six months of 2026, an increase of about 6% compared with the previous year. Classified accommodation establishments also recorded growth in overnight stays, while tourism revenues continued to rise during the summer. 

Remittances from Moroccans living abroad also increased. Transfers reached approximately $7.71 billion by the end of July, representing an 8.1% increase compared with the same period in 2025. These transfers remain an important source of foreign-currency inflows and provide support to Morocco’s external accounts. 

Foreign direct investment showed an even stronger increase. Net foreign direct investment flows reached approximately $3.04 billion during the first seven months of 2026, up 58.5% from a year earlier. 

The improvement in net investment flows was linked to a rise in investment receipts and a significant decline in investment-related expenditures. Foreign direct investment receipts increased by 6.3% to about $4.03 billion, while expenditures fell by 47% to approximately $994 million. 

The increase in foreign investment comes as Morocco continues to attract projects across manufacturing, automotive components, aerospace, textiles, energy and other industrial activities. New investment commitments during 2026 have included projects aimed at expanding production capacity and strengthening the country’s position in international supply chains. 

The latest foreign trade data therefore present a mixed picture of Morocco’s external economy. The merchandise trade deficit has increased substantially because imports are expanding faster than exports, with energy, raw materials, equipment and consumer products among the main contributors to the rise in imports. 

At the same time, several sources of foreign-currency earnings are performing positively. Automotive and aerospace exports are expanding, agriculture and food processing continue to contribute to export growth, tourism revenues are increasing, remittances are rising and foreign direct investment has recorded a significant improvement. 

The key challenge remains the difference between the pace of import and export growth. Morocco’s industrial development requires substantial imports of machinery, equipment, energy and intermediate products, which can increase the value of goods entering the country even as domestic production and exports expand. 

The July figures consequently show that stronger export industries have not yet been sufficient to offset the broader increase in imports. The country’s services surplus and other foreign-currency inflows provide some support, but the merchandise trade deficit remains a significant component of Morocco’s external economic position. 

With the second half of 2026 underway, the evolution of energy prices, domestic demand, industrial production, tourism activity and international trade conditions will influence the direction of the trade balance in the remaining months. For now, the available data show continued growth in Morocco’s international trade, accompanied by a widening gap between imports and exports.