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Rabat – Morocco’s trade deficit widened significantly during the first four months of 2026, reaching MAD 127.04 billion (about $13.7 billion), according to new figures from the Exchange Office.
The deficit increased by 18.4% compared to the same period last year, reflecting a faster rise in imports than exports.
Morocco imported goods worth MAD 295.9 billion ($32.25 billion) between January and April, up 12.7% year-on-year. Exports also grew, but at a slower pace of 8.7% to reach MAD 168.86 billion ($18.40 billion). As a result, the country’s export coverage ratio, the share of imports paid for by exports, fell by two percentage points to 57.1%.
The increase in imports was driven by several categories. Imports of raw materials surged by 48.8% to MAD 19.23 billion ($2.10 billion), while purchases of equipment goods rose by 21.8% to MAD 72.6 billion ($7.91 billion). Consumer goods imports also increased by 15.2% to MAD 72.9 billion ($7.95 billion). Imports of semi-finished products posted a more modest gain of 2.7%.
Food imports, however, moved in the opposite direction, declining by 5.9% to MAD 31.51 billion ($3.43 billion). The drop could reflect improved domestic supply conditions for some products or lower demand for certain imported food items.
On the export side, Morocco’s automotive industry remained the country’s strongest export performer. Car exports rose by 18.6% to MAD 58.28 billion ($6.35 billion), reinforcing the sector’s position as the backbone of Moroccan exports. The aerospace industry also recorded strong growth, with exports increasing by 15.9% to MAD 11.03 billion ($1.20 billion).
Not all sectors shared in the positive momentum. Exports of textiles and leather fell by 6.7%, while electronics and electrical products declined by 3.5%. Exports of phosphates and phosphate derivatives, historically one of Morocco’s most important export sectors, slipped by 1.5%. Agriculture and agri-food exports recorded only a slight increase of 0.8%.
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Despite the wider trade gap in goods, Morocco continued to benefit from a strong services sector. The surplus in the services balance grew by 16.4% to MAD 54.91 billion ($5.98 billion). Service exports rose by 13.9% to MAD 106.09 billion ($11.56 billion), outpacing the 11.4% increase in service imports.
The figures suggest that Morocco’s economy remains in an expansion phase, with businesses importing more equipment, consumer products, and industrial inputs. Rising imports of machinery and equipment are often associated with investment and industrial activity, but they also place additional pressure on the trade balance when export growth fails to keep pace.
The data also reflects the growing importance of Morocco’s industrial sectors, particularly automotive and aerospace manufacturing, in supporting export revenues.
At the same time, weaker performance in phosphates, textiles, and electronics shows that Morocco’s export growth remains concentrated in a limited number of sectors, indicating the need for greater diversification to reduce vulnerability to fluctuations in global demand and commodity markets.
