Morocco’s trade deficit widened to 304.9 billion dirhams (MAD) in 2024, marking a 6.8% increase compared to the previous year, according to data released by the Foreign Exchange Office.
The trade gap, which now accounts for 19.9% of the country’s GDP, up 0.4 percentage points year-on-year, reflects a 6.4% rise in imports, reaching MAD 761.3 billion, alongside a 6.1% increase in exports to MAD 456.3 billion.
The annual report on Morocco’s foreign trade for 2024 also highlights a 6.3% overall growth in trade flows with the rest of the world, reversing the 1.7% contraction recorded in 2023.
The import coverage ratio stood at 59.9% in 2024, a marginal decline of 0.2 percentage points from the previous year.
The import penetration rate, calculated as the ratio of imports to domestic demand (GDP + imports – exports), improved by 0.5 points to 41.4%.
Meanwhile, the export effort, measured as the ratio of exports to GDP, increased by 0.3 points to 29.7% in 2024. The trade dependency ratio, which averages imports and exports relative to GDP, also rose by 0.5 points to 39.7%.
At the product group level, the export coverage of imports showed mixed trends. Food products and semi-finished goods both recorded a 2.7 point improvement in coverage ratios.
Energy products also saw a slight uptick in their coverage rate, rising from 4.3% in 2023 to 4.5% in 2024.
In contrast, coverage ratios declined for raw materials (down 6 points), consumer finished goods (down 4.9 points), and capital goods (down 3.8 points), reflecting a broader shift in Morocco’s trade composition.
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