Morocco's trade deficit widened significantly in the first half of 2026, reaching 198.38 billion dirhams (MMDH) by the end of June, compared to 160.58 MMDH a year earlier, an increase of 23.5%, according to the Exchange Office.
The coverage rate—the ratio of exports to imports—stood at 56.8%, indicating that imports are growing much faster than exports. This trend highlights the structural challenges facing the Moroccan economy, including its heavy reliance on energy imports and capital goods.
While exports of phosphates and derivatives, as well as the automotive and aerospace sectors, have shown resilience, the overall export growth has not kept pace with the surge in imports, driven by higher energy prices and increased demand for machinery and equipment.
Economists point to the need for diversifying the export base and enhancing competitiveness to narrow the gap. The government has announced measures to support export-oriented industries, but the impact is yet to be seen.
