Morocco’s import costs slide sharply while exports hold steady
Morocco’s import costs slide sharply while exports hold steady

Morocco’s trade deficit widened sharply to 50.74 billion dirhams by the end of February 2025, a year-on-year increase of 22.1%, according to the latest figures released by the Foreign Exchange Office.

This deterioration stems from a combination of rising imports and slipping exports. Imports climbed 7.4% to reach 124.2 billion dirhams, while exports dipped slightly by 0.8%, totaling 73.45 billion. As a result, the coverage ratio—measuring how much of the country’s imports are paid for by its exports—fell to 59.1%, down nearly 5 percentage points from the same period last year.

The import surge spanned across multiple product categories. Raw materials saw the steepest rise, jumping 23.5%, followed by food products, which increased 13.3%. Consumer goods and equipment imports also rose significantly, up 10.1% and 8.7% respectively. Semi-finished goods registered a more modest 3% increase.

On the export side, only a handful of sectors managed to post gains. Aerospace exports rose by 10.3%, phosphate and related products were up 6.3%, and the textile and leather industry eked out a 0.8% increase. Still, these pockets of growth weren’t enough to offset the overall decline in foreign sales.

The expanding deficit highlights mounting pressure on Morocco’s external supply chains, coupled with a slowdown in global demand for its exports. It’s a development that warrants close monitoring, particularly amid ongoing international economic uncertainty.