Morocco's trade deficit continued to widen in the first half of 2026, driven by a faster increase in imports compared to exports. According to the latest data from the Office des Changes, imports of goods reached 458.78 billion dirhams (MAD) by the end of June 2026, up 15.3% year-on-year.
The surge in imports was largely attributed to higher energy prices and increased demand for industrial equipment and consumer goods. Meanwhile, exports grew at a slower pace, with key sectors such as automotive and agriculture showing moderate gains but failing to keep up with the import bill.
As a result, the trade deficit expanded to approximately 150 billion dirhams, compared to around 120 billion dirhams in the same period last year. Economists note that the widening gap could put pressure on the country's current account and foreign exchange reserves.
The government has emphasized efforts to boost exports through industrial acceleration plans and trade agreements, but analysts say structural reforms are needed to reduce dependence on energy imports and enhance competitiveness.
