Morocco’s trade deficit exceeded 127 billion dirhams ($13 billion) during the first four months of 2026, increasing 18.4% compared with the same period last year as import growth continued to outpace exports, according to data released by the country’s foreign exchange office.
The trade deficit reached 127.04 billion dirhams by the end of April, reflecting a 12.7% rise in imports to 295.9 billion dirhams, while exports increased by 8.7% to 168.86 billion dirhams.
As a result, the export coverage rate — which measures the share of imports financed by exports — declined by two percentage points to 57.1%.
The increase in imports was driven by higher purchases of several categories of goods. Imports of raw materials rose 48.8% to 19.23 billion dirhams, while capital goods climbed 21.8% to 72.6 billion dirhams. Consumer goods imports increased 15.2% to 72.97 billion dirhams, and semi-finished products rose 2.7% to 56.92 billion dirhams.
Food imports, however, fell 5.9% to 31.51 billion dirhams.
On the export side, growth was led by the automotive and aerospace industries. Automotive exports rose 18.6% to 58.28 billion dirhams, while aerospace exports increased 15.9% to 11.03 billion dirhams.
Several sectors recorded declines. Exports from the textile and leather industry fell 6.7%, while electronics and electrical products dropped 3.5%. Exports of phosphates and phosphate derivatives, one of Morocco’s traditional export pillars, declined 1.5%.
Agriculture and food industry exports bucked the downward trend, posting a modest increase of 0.8%.
Meanwhile, Morocco’s services balance continued to strengthen. The surplus in services trade increased 16.4% to 54.91 billion dirhams, supported by a 13.9% rise in services exports to 106.09 billion dirhams. Services imports also grew, rising 11.4% to 51.18 billion dirhams.
The latest figures highlight the continued resilience of Morocco’s export-oriented automotive and aerospace industries, although stronger import growth continues to weigh on the country’s overall trade balance.
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