• Morocco’s trade deficit reached 161.86 billion dirhams in H1 2025, up 18.4% year-on-year.

• Imports rose 8.9%, driven by raw materials and finished goods, while exports grew only 3%.

• Remittances from Moroccans abroad dropped 2.6%, but tourism revenues rose 9.6%.

Morocco’s trade deficit widened by 18.4% in the first half of 2025, reaching 161.86 billion dirhams ($17.8 billion), the Foreign Exchange Office reported on July 29.

This sharp increase in the trade gap stems from imports growing faster than exports. Between January 1 and June 30, 2025, Morocco’s imports climbed 8.9% year-on-year to MAD 398 billion. In contrast, exports rose only 3% to MAD 236 billion.

As a result, the coverage rate—the ratio of exports to imports—fell by 3.3 percentage points to 59.3%, compared to the same period in 2024.

The import surge came mainly from increased purchases of raw materials (+29.3%), finished equipment goods (+14.9%), and finished consumer goods (+13.3%). In contrast, energy imports declined by 7.4%, amounting to MAD 53 billion.

On the export side, phosphates and derivatives posted the strongest growth, up 18.9% over the six-month period. However, automotive exports—the country’s top export sector—fell by 3.6%. Exports in textiles and electronics also declined.

The Foreign Exchange Office also reported that remittances from Moroccans living abroad dropped 2.6%, totaling MAD 55.8 billion. Meanwhile, tourism receipts increased by 9.6% to MAD 54 billion, signaling a continued recovery in the travel sector.

Walid Kéfi