Morocco's trade deficit has continued to widen, reaching 250 billion dirhams in 2025, according to the latest data from the Office des Changes. This represents a 15% increase compared to 2024, driven by a surge in imports of energy and capital goods.
Exports grew by 8% in 2025, led by the automotive and phosphate sectors, but this was insufficient to offset the 12% rise in imports. The automotive sector remained the top export earner, with sales of 120 billion dirhams, while phosphate exports totaled 80 billion dirhams.
Economists attribute the persistent deficit to Morocco's reliance on imported energy and raw materials. The International Monetary Fund has projected a gradual narrowing of the deficit to 220 billion dirhams by 2027, contingent on global energy prices stabilizing.
