Morocco’s trade deficit reached approximately MAD 353.15 billion in 2025, marking a 15.8% increase compared to 2024, according to data released by the Office des Changes.
The surge in the trade gap reflects a faster growth in imports than exports. Imports of goods rose 8% to MAD 822.22 billion, while exports increased 2.8% to MAD 469.1 billion, resulting in a coverage rate decline of 2.9 points to 57%.
The rise in imports was driven by several key sectors:
- Industrial gold: +99.7% to MAD 1.87 billion
- Raw materials: +31.5% to MAD 43.74 billion
- Semi-finished goods: +4.8% to MAD 171.83 billion
- Capital goods: +13.3% to MAD 199.13 billion
- Consumer goods: +11.8% to MAD 203.46 billion
- Food products: +3.3% to MAD 94.6 billion
On the export side, growth was mainly supported by:
- Phosphate and derivatives: +13.6% to MAD 99.8 billion
- Aerospace industry: +10% to MAD 29.1 billion
Meanwhile, Morocco recorded a surplus in its services balance, which rose 14.2% to MAD 159.6 billion, driven by increases in both services imports (+9.7% to MAD 155.37 billion) and exports (+11.9% to MAD 315 billion).
The Office des Changes noted that the overall trends underscore the structural challenges in Morocco’s trade balance, with imports continuing to outpace exports in key sectors despite strong growth in strategic export industries.
