Morocco’s trade deficit reached nearly 195 billion dirhams ($19.5 billion) in the first seven months of 2025, up 15.9% from the same period a year earlier, the country’s foreign exchange office reported Friday.
The widening gap stemmed from an 8.8% increase in imports, which rose to 469.7 billion dirhams, outpacing a 4.2% rise in exports to 274.8 billion dirhams, the Office des changes said in its July trade bulletin.
The trade coverage ratio fell by 2.6 points to 58.5%, the report said.
Imports were driven higher by raw materials (up 28.8%), capital goods (up 14.5%), consumer goods (up 13.7%), semi-finished products (up 6.8%) and food products (up 2.7%). Morocco’s energy bill eased 6.1% to 62.8 billion dirhams.
On the export side, sales were boosted by phosphate and derivatives (up 20.9% to 55.18 billion dirhams), the aerospace industry (up 8.9% to 16.72 billion dirhams), and agriculture and agribusiness (up 3.4% to 53.81 billion dirhams).
Meanwhile, the services balance surplus rose 10.8% to more than 82 billion dirhams, helped by a 7% increase in imports to 86.78 billion dirhams and an 8.8% gain in exports to 168.9 billion dirhams.
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