Morocco’s trade deficit reached MAD 296.95 billion as of the end of October 2025, a 19.6% increase from the same period a year earlier, according to the Office des Changes, Morocco’s foreign exchange regulator.
In its latest report on monthly foreign trade indicators, the office said the deficit is attributed to a 9.4% increase in goods imports to MAD 682.15 billion, outpacing exports that increased 2.6% to MAD 385.2 billion. As a result, the coverage rate declined by 3.7 points to 56.5%.
Growth in imports was driven mainly by higher purchases of raw products (+36.9%), capital goods (+15.2%), finished consumer goods (+12.7%), semi-finished products (+6.4%), and food products (+3.8%).
Export performance was supported by increases in shipments from the phosphates and derivatives sector (+16.7%), aeronautics (+8.3%), and agriculture and agri-food (+1.1%).
Meanwhile, the surplus in the services balance grew 10.2% to MAD 129.19 billion, reflecting a rise in both imports (+9% to MAD 128.08 billion) and exports (+9.6% to MAD 257.27 billion).
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