Morocco: Trade Deficit Widened by 15.9% by the End of July 2025

The trade deficit in Morocco has widened by 15.9% by the end of July 2025. This deterioration is attributed to a rise in imports, which increased by 8.8% to 469.72 billion dirhams, outpacing the growth of exports, which rose by 4.2% to 274.8 billion dirhams. The Office of Foreign Exchange noted that the coverage rate fell by 2.6 points to 58.5%. The increase in imports is driven by a 14.5% rise in finished equipment goods to 110.35 billion dirhams, a 13.7% increase in finished consumer goods to 115.55 billion dirhams, a 6.8% rise in semi-finished products to 100.4 billion dirhams, and a significant 28.8% increase in raw products to 24.38 billion dirhams. Food products totaled 55.12 billion dirhams, marking a 2.7% increase, while the energy bill decreased by 6.1%. On the export side, sales of phosphates and derivatives grew by 20.9% to 55.18 billion dirhams, while the agriculture and agri-food sector saw a 3.4% increase to 53.81 billion dirhams. The aerospace sector also experienced a notable rise of 8.9% to 16.71 billion dirhams, driven by increased sales in the assembly segment by 895 million dirhams and exports from the EWIS segment by 488 million dirhams. Conversely, exports in the electronics and electricity sector, textiles and leather, and automotive sectors declined by 6.5% to 10.067 billion dirhams, 3.3% to 27.033 billion dirhams, and 1.8% to 90.703 billion dirhams, respectively. For reference, the trade deficit stood at 161.864 billion dirhams at the end of June 2025.