The trade deficit in Morocco has widened to 195 billion dirhams by the end of July 2025, marking an increase of 15.9% compared to the same period last year, according to data from the Office of Foreign Exchange.
The office clarified in its monthly report on external trade indicators that this deterioration is primarily attributed to an 8.8% rise in imports, reaching 469.7 billion dirhams, while exports experienced a modest increase of 4.2%, totaling 274.8 billion dirhams. The coverage rate dropped by 2.6 points to settle at 58.5%.
Imports of raw materials rose by 28.8%, semi-finished products by 6.8%, finished products for industrial use by 14.5%, food products by 2.7%, in addition to consumer goods, which increased by 13.7%. Conversely, the energy bill decreased by 6.1% to 62.8 billion dirhams.
On the export front, phosphates and their derivatives continued to show strong performance, achieving a 20.9% increase to 55.18 billion dirhams. Likewise, the aeronautics sector saw an 8.9% rise in exports to 16.72 billion dirhams, while agriculture and food industry exports increased by 3.4% to 53.81 billion dirhams.
The Office of Foreign Exchange also noted a 10.8% rise in the services balance surplus, exceeding 82 billion dirhams, bolstered by a 7% growth in service imports to 86.78 billion dirhams and an 8.8% increase in service exports to 168.9 billion dirhams.
These figures highlight the ongoing imbalance in Morocco’s trade balance, even as some export sectors, particularly phosphates, agriculture, and aviation, have demonstrated resilience against rising import pressures.
