Morocco’s trade deficit reached MAD 108.94 billion as of the end of April, a 22.8% increase compared to the same period last year, according to the Office des Changes, Morocco’s foreign exchange regulator.
The increase reflects a rise in goods imports (+9.1% to MAD 263.02 billion) and a slight increase in exports (+1.2% to MAD 154.08 billion), the office stated in its April 2025 bulletin on monthly foreign trade indicators. As a result, the coverage rate dropped by 4.6% to 58.6%.
The increase in imports is mainly attributed to higher purchases of raw materials (+25.4% to MAD 13.15 billion), capital goods (+13.3% to MAD 61.8 billion), and consumer goods (+11.5% to MAD 61.2 billion). Other import increases included food products (+11.3% to MAD 33.46 billion), and semi-finished products (+7.6% to MAD 55.65 billion).
However, the energy bill fell by 4.9% to MAD 37.29 billion.
Meanwhile, exports’ growth was driven by the aerospace area (+14% to MAD 9.51 billion), phosphates and derivatives (+12.3% to MAD 27.66 billion), and the agriculture and agri-food area (+1.4% to MAD 35.49 billion).
However, exports declined in the electronic sector (-7% to MAD 5.67 billion), the automotive sector (-7% to MAD 49 billion), and the textile and leather sector (-2.7% to MAD 14.8 billion).
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