Morocco’s trade deficit expanded significantly in the first six months of 2025, reaching MAD 161.86 billion ($17.81 billion) compared to the same period last year, according to new data from the Foreign Exchange Office.
The deficit grew by 18.4% as imports rose faster than exports. Import spending climbed 8.9% to MAD 398.04 billion ($ 43.80 billion), while export earnings increased by a smaller 3.1% to MAD 236.17 billion ($ 25.96 billion).
This gap means Morocco’s export coverage ratio dropped 3.3 percentage points to 59.3%, showing the country now covers less than 60% of its import costs through export revenues.
Import growth drives deficit
Several categories drove the import surge. Raw materials purchases jumped 29.3% to MAD 21.15 billion ($ 2.32 billion), while equipment imports rose 14.9% to MAD 93.22 billion ($ 10.25 billion).
Consumer goods imports increased 13.3% to MAD 96.88 billion ($ 10.66 billion), and food product imports grew 6.6% to MAD 48.23 billion ($ 5.30 billion). Semi-finished products also contributed with a 6.1% rise to MAD 84.63 billion ($ 9.30 billion).
Energy imports provided some relief, falling 7.4% to MAD 53.04 billion ($ 5.83 billion) and helping limit the overall import increase.
Mixed export performance
Export growth came primarily from phosphates and derivatives, which surged 18.9% to MAD 46.56 billion ($ 5.11 billion). Other manufacturing industries performed well with 13.1% growth to MAD 15.68 billion ($ 1.72 billion).
The aerospace sector contributed positively, rising 8.8% to MAD 14.13 billion ($ 1.55 billion), while agriculture and agri-food exports grew 3.2% to MAD 48.54 billion ($ 5.33 billion).
However, several key sectors struggled. Electronics and electrical exports declined 7.8% to 8.59 billion ($ 945.417 million), while textile and leather exports fell 4% to MAD 22.52 billion ($ 2.47 billion).
The automotive sector, one of the country’s largest export industries, saw a 3.6% decrease to MAD 77.6 billion, contributing to weaker overall export performance.
The widening trade gap reflects Morocco’s continued reliance on imports while facing challenges in expanding certain export sectors despite strong performance in phosphates and manufacturing.
