Morocco’s trade deficit increased by 3.2% by the end of August 2024, reaching MAD 196.85 billion, compared to MAD 190.79 billion during the same period last year, according to the latest report from the Office des Changes, the country’s foreign exchange office.
The rise in the deficit is primarily attributed to a 4.6% increase in imports, which totaled MAD 491.95 billion. Exports also saw a growth of 5.5%, reaching MAD 295.09 billion. Despite the widening deficit, the coverage rate—the ratio of exports to imports—improved slightly by 0.6 points, standing at 60%.
The increase in imports was driven by a significant rise in finished equipment products, which surged by 10.9% to MAD 113.99 billion. Other key sectors contributing to the rise included semi-finished products (+8.1% to MAD 106.20 billion), finished consumer goods (+4.3% to MAD 111.28 billion), and food products (+1.7% to MAD 61.14 billion).
However, certain sectors saw declines, notably raw materials (-4.7% to MAD 21.45 billion) and energy products (-2.8% to MAD 77.39 billion).
On the export side, Morocco’s aerospace industry led the charge with an impressive 21.2% increase, reaching MAD 17.42 billion—the highest growth of any sector. Phosphate exports also saw a solid rise of 11.7% to MAD 53.50 billion, while the automotive sector posted a 7.6% increase, with exports totaling MAD 101.71 billion.
Meanwhile, exports of electronics and electrical products, as well as those from the agriculture and agri-food sectors, remained largely stable, at MAD 11.98 billion and MAD 56.83 billion, respectively. However, the textile and leather sector experienced a slight decline, with exports dropping by 0.7% to MAD 31.78 billion.
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