Morocco saw a decline in both import and export unit value indices during the first quarter of 2025, according to the latest figures released by the High Commission for Planning. Import prices fell by 3.5% compared to the same period last year, while export prices slipped slightly by 0.2%.
The drop in import prices is largely driven by a sharp fall in the cost of energy products and lubricants, which tumbled by 10.6%. Industrial equipment, consumer goods, semi-finished products, and raw agricultural materials also posted notable price declines. Only mineral-based raw materials, which surged by 27.6%, and the food-beverage-tobacco category, up by 0.5%, provided some relief from the overall downward trend.
On the export side, the shift was more subdued. Prices for industrial equipment, consumer goods, raw materials of animal and plant origin, as well as energy products, all edged lower. However, there were bright spots: semi-finished products rose by 8.3%, while food products climbed 3.9% over the same period.
These movements reflect a global environment characterized by ongoing volatility in commodity and energy markets. Monthly data reveal significant fluctuations, including a marked drop in energy prices and in prices for animal and plant raw materials in March.
Looking at the annual trend, Morocco’s external trade price indices confirm a steady decline since the peak reached in early 2023. The import price index, for example, dropped from 125.8 in the first quarter of 2023 to 109.3 at the start of 2025. The export index also moved lower, though less dramatically, slipping to 117.0 from 129.3 over the same period.
