Rabat – Morocco’s trade deficit climbed by 6.5% by the end of November 2024, reaching MAD 275.74 billion ($26.8 billion), compared to MAD 258.83 billion ($25.1 billion) in the same period last year.
According to data from the Exchange Office, imports rose by 5.7% to MAD 689.16 billion ($67.1 billion), while exports grew by 5.2% to MAD 413.41 billion ($40.2 billion).
Despite these upticks, Morocco’s trade coverage rate, measuring how much exports offset imports, remained stable at around 60%.
The rise in imports was mainly due to higher spending on industrial and consumer goods.
Fortunately for Morocco’s widening trade gap, regional consultations on the country’s foreign trade roadmap for 2025-2026 have resulted in 524 proposals.
Omar Hejira, Secretary of State for Foreign Trade, shared this update during a parliamentary session on Monday where he noted that 80% of the proposals came from regional stakeholders, with the remaining 20% (113 proposals) submitted by the central government.
These proposals are being strategically deployed to target focal areas necessary for the field’s expansion.
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In November, machinery and equipment imports surged by 12.1% to MAD 162.73 billion ($15.8 billion), while finished consumer goods increased by 8.8% to MAD 159.55 billion ($15.5 billion).
Semi-finished products rose by 7.9% to MAD 149.05 billion ($14.5 billion), and food imports grew modestly by 1.8% to MAD 82.60 billion ($8 billion).
Meanwhile, energy imports fell by 5.9% to MAD 104.38 billion ($10.2 billion), likely due to lower global energy prices or reduced consumption.
On the export side, aeronautics posted a notable 16.9% increase to MAD 24.21 billion ($2.4 billion). Phosphates and derivatives followed with a 9.1% rise to MAD 75.23 billion ($7.3 billion), while automotive exports grew by 6.7% to MAD 145.93 billion ($14.2 billion).
Agriculture and food exports increased by 3.1% to MAD 77.91 billion ($7.6 billion), and electronics and electrical products saw a 2.5% rise to MAD 16.61 billion ($1.6 billion).
The widening trade deficit conveys Morocco’s continued reliance on imports to meet domestic demand, particularly in industrial equipment and consumer goods.
While export growth in sectors like aeronautics and automotive is promising, it remains insufficient to close the gap.
The stable coverage rate notes the challenge of boosting export competitiveness and reducing dependency on foreign goods. For the country, tackling this imbalance will be essential to ensure sustainable economic growth and financial stability for the years to come.
