The trade deficit widened to 71.63 billion dirhams (MAD) in the first quarter of this year, marking a 16.9% increase compared to the same period last year, according to the Office des Changes.
This deterioration reflects a 6.9% rise in imports, which reached 187.7 billion MAD, alongside a more modest 1.5% increase in exports, totaling 116.07 billion MAD. The trade coverage ratio fell by 3.3 points to 61.8%, the agency noted in its March 2025 report on external trade indicators.
The import surge spanned nearly all product categories: raw materials jumped 27.6% to 9.36 billion MAD; food products rose 9.4% to 23.94 billion MAD; consumer goods climbed 8.7% to 43.59 billion MAD; capital goods grew 6.1% to 43.04 billion MAD; semi-finished products edged up 4.3% to 39.17 billion MAD; and energy and lubricants ticked up 0.5% to 28.22 billion MAD.
Export growth was driven by phosphates and derivatives (+18.2% to 20.3 billion MAD), other mining (+20.2% to 1.38 billion MAD), other industries (+16.8% to 7.52 billion MAD), aerospace (+15% to 7.03 billion MAD), and agriculture and agri-food (+0.8% to 26.74 billion MAD).
Conversely, exports in electronics and electricals fell 11.6% to 4.21 billion MAD, automobiles dropped 7.8% to 37.36 billion MAD, and textiles and leather declined 1.4% to 11.51 billion MAD.
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