Rabat – Morocco’s trade deficit expanded by 3.2%, reaching 196.85 billion dirhams (approximately $19.3 billion) by the end of August 2024, compared to 190.79 billion dirhams ($18.7 billion) during the same period in 2023, according to data from the country’s Exchange Office.
The rise in the deficit is primarily driven by an increase in both imports and exports, though imports continue to outpace exports.
Imports grew by 4.6% over the year, totaling 491.95 billion dirhams ($48.2 billion), while exports saw a 5.5% rise, reaching 295.09 billion dirhams ($28.9 billion).
Despite the widening deficit, the coverage rate—the ratio of exports to imports—improved slightly, rising by 0.6 percentage points to 60%.
The surge in imports was largely fueled by higher demand for finished capital goods, which jumped 10.9% to 113.99 billion dirhams ($11.1 billion). Semi-finished products and consumer goods also saw significant increases, with imports up 8.1% and 4.3%, respectively.
Meanwhile, food product imports grew modestly by 1.7%, reaching 61.14 billion dirhams ($6 billion). However, there were declines in raw materials, which dropped 4.7%, and energy products, which fell 2.8%.
On the export side, Morocco’s aeronautics sector led the growth, with a 21.2% surge to 17.42 billion dirhams ($1.7 billion).
Phosphates and derivatives also posted strong gains, rising 11.7% to 53.50 billion dirhams ($5.2 billion), while automobile exports increased by 7.6%, totaling 101.71 billion dirhams ($10 billion).
In contrast, sectors such as textiles and leather experienced a slight decline, with exports down 0.7% to 31.78 billion dirhams ($3.1 billion).
In a broader context, Morocco’s trade balance showed some improvement in 2023, shrinking by 7.3% thanks to lower energy imports and stronger revenue from tourism and remittances.
However, the latest figures indicate a renewed strain on the trade deficit, highlighting the continued challenge of balancing imports and exports in a volatile global economic environment.
