Morocco’s trade deficit widened by 23.5% in the first six months of 2026 as import growth continued to outpace exports, according to the Office des Changes’ latest monthly foreign trade indicators.
The trade gap reached MAD 198.4 billion ($21 billion) at the end of June, up from MAD 160.6 billion ($17 billion) during the same period in 2025, as imports rose 15.3% year-on-year to MAD 458.8 billion, while exports increased 9.7% to MAD 260.4 billion.
The increase in imports was driven primarily by purchases of finished equipment goods, which climbed 21%, and energy products, whose import bill surged nearly 29%, led by higher imports of gasoil and fuel oil. Imports of consumer goods also rose 14%.
On the export side, the automotive industry remained Morocco’s leading export sector, with overseas sales rising 17% to MAD 93.7 billion. Agricultural and agri-food exports increased 5.7%, while aerospace exports grew 19%. However, exports of phosphates and derivatives fell 2.3%, and textile and leather exports declined 6.5%, partially offsetting gains in other sectors.
Despite the widening merchandise trade deficit, Morocco recorded stronger performance in services and tourism. The services trade surplus expanded 16.8% to MAD 80 billion, while travel receipts increased 15.9% to MAD 64.9 billion. Remittances from Moroccans living abroad also rose 9.9% to MAD 61.5 billion during the first half of the year.
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