Morocco’s trade deficit widened 17.7% to MAD 259.1 billion ($28 billion) at the end of September 2025, as imports grew faster than exports, according to data from Morocco’s foreign exchange regulator, the Office des Changes.
Imports rose 9.2% year-on-year to MAD 605.4 billion, fueled by higher spending on finished equipment goods (+13.9%) and consumer products (+13.1%). Semi-finished goods also rose sharply (+7.1%), particularly chemicals and industrial inputs.
Meanwhile, energy imports declined slightly (-5.1%) thanks to lower global oil prices, while food imports grew modestly (+4.0%).
As a result, Morocco’s coverage ratio — the share of imports financed by exports — fell to 57.2% from 60.3% a year earlier. The figures are based on customs data for the January-September 2025 period.
Morocco’s widening trade deficit reflects continued strain on the current account, even with robust inflows from tourism and remittances.
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