Morocco recorded a trade deficit of more than MAD 225.9 billion during the first eight months of 2025, up 15.5% from the same period last year, the Office des Changes, Morocco’s foreign exchange regulator, reported Tuesday.
The rise reflects an 8.4% increase in imports, which reached MAD 533.42 billion, and a 3.8% growth in exports to MAD 307.49 billion. The coverage ratio—the share of imports financed by exports—fell 2.6 points to 57.6%.
Imports rose due to higher purchases of raw materials (+31.5%), consumer goods (+13.4%), capital goods (+13%), semi-finished products (+7.1%), and food products (+2.2%), while energy costs dropped 6.2%.
Export growth stemmed mainly from phosphate and derivatives (+21.1%), aerospace (+5.6%), and agriculture and agro-food sectors (+3.8%).
Meanwhile, Morocco’s balance of services surplus increased 10.3% to over MAD 102.04 billion, supported by a rise in service imports (+8.1% to MAD 100.24 billion) and exports (+9.2% to MAD 202.28 billion).
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