Morocco’s trade deficit widened by 23.9% year-on-year to MAD 87.37 billion (≈ $9.4 billion) at the end of the first quarter of 2026, as a sharp rise in imports significantly outpaced the country’s more modest export growth, according to the latest monthly foreign trade report by the Office des Changes.
The Kingdom’s total imports climbed 11.1% to MAD 208.1 billion, up from MAD 187.4 billion a year earlier. The increase was driven primarily by a surge in capital goods imports, which rose 24.7%, equivalent to an additional MAD 10.2 billion, reflecting higher purchases of aircraft, utility vehicles, and industrial equipment.
Imports of raw materials also jumped 42.2%, largely due to a sharp increase in sulfur and mineral-related inputs, while industrial gold imports rose 84.5%, though from a relatively small baseline.
Exports, by contrast, rose at a slower 3.3% to MAD 120.7 billion. Morocco’s automotive industry remained the country’s main export engine, posting 12.1% growth to MAD 41.9 billion, supported by stronger vehicle manufacturing and wiring shipments. Aerospace exports also increased by 12.6%, while other mining products outside phosphates surged 55.9%, notably boosted by copper ore exports.
However, several traditional export pillars weakened. Phosphate and derivative exports fell 7.4%, mainly due to lower fertilizer sales, while textile and leather exports dropped 14.1%. Agricultural and agri-food exports also edged down 2.3% over the first quarter.
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