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Rabat – Morocco’s trade deficit grew sharply in the first quarter of 2025 to reach MAD 71.63 billion ($7.1 billion), a 16.9% rise from the same period last year.
The figures, released by the Office des Changes, reflect an increase in the value of imports that outstripped a modest rise in exports.
Imports stood at MAD 187.7 billion ($18.6 billion), up 6.9%, while exports rose only slightly, reaching MAD 116.07 billion ($11.5 billion), a gain of just 1.5%. As a result, the trade coverage ratio dropped to 61.8%, down by more than three percentage points.
The report attributes the heavier import bill to a general rise across all product categories.
Morocco spent more on raw materials, which jumped 27.6% to MAD 9.36 billion ($925 million). Food imports followed suit, climbing to MAD 23.94 billion ($2.37 billion) — marking a 9.4% increase. Consumer goods and capital equipment also saw notable gains, reaching MAD 43.59 billion ($4.3 billion) and MAD 43.04 billion ($4.26 billion), respectively.
Even energy imports, despite global fluctuations, inched up to MAD 28.22 billion ($2.79 billion).
On the export side, a few sectors showed strength. Phosphates and their derivatives brought in MAD 20.3 billion ($2 billion), an increase of 18.2%. The mining industry outside of phosphates also made gains, with exports totaling MAD 1.38 billion ($137 million). The aeronautics sector continued to build momentum, reaching MAD 7.03 billion ($695 million), while agri-food exports held steady at MAD 26.74 billion ($2.64 billion).
But the news wasn’t positive across the board. Key sectors that typically support Morocco’s export profile posted losses.
Electronics and electrical goods fell to MAD 4.21 billion ($417 million), down 11.6%. Automotive exports declined by 7.8% to MAD 37.36 billion ($3.7 billion), while textiles and leather slipped to MAD 11.51 billion ($1.14 billion), a 1.4% drop.
The numbers suggest that Morocco’s trade imbalance stems less from a sudden import surge than from sluggish export growth.
Despite global demand in sectors like phosphates and aviation, traditional pillars such as cars and textiles showed signs of weakening performance.
