Morocco’s Export Growth and Trade Deficit
Rabat – Morocco’s automotive exports saw a 14.5% year-on-year increase, reaching MAD 116 billion ($11.69 billion) by the end of August 2026, as per the Foreign Exchange Office’s latest indicators.
Key Highlights:
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Sector Growth:
- Manufacturing exports surged by 19% to MAD 44.747 billion ($4.50 billion).
- Wiring exports rose by 13.9% to MAD 44.777 billion ($4.51 billion).
- Exterior equipment exports grew the most, up 43.6% to MAD 3.769 billion ($379 million).
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Aerospace Sector:
- Aerospace exports increased 21.5% to MAD 22.969 billion ($2.31 billion).
- Assembly exports climbed by 26.9% to MAD 15.874 billion ($1.60 billion).
- Electrical Wiring Interconnection Systems (EWIS) exports rose by 10.9% to MAD 7.019 billion ($707 million).
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Agriculture and Agri-food:
- Exports increased by 8.3% to MAD 65.119 billion ($6.56 billion).
- The food industry saw a 13.6% increase to MAD 31.143 billion ($3.14 billion).
Declines in Some Sectors:
- Phosphate exports fell by 6%, textiles and leather by 5.6%, and electronics by 2.9%.
Overall Export Growth:
- Total exports grew by 8.7%, amounting to MAD 334.892 billion ($33.72 billion), compared to MAD 307.95 billion ($31.02 billion) in the previous year.
Trade Deficit Overview
The rise in exports was accompanied by a significant increase in imports, leading to a widening trade deficit.
- Imports rose by 15.8% to MAD 617.5 billion ($62.17 billion) from MAD 533.24 billion ($53.68 billion).
- The trade deficit widened by 25.4% to MAD 282.61 billion ($28.45 billion), up from MAD 225.28 billion ($22.68 billion) in August 2025.
Specific Increases in Imports:
- Finished capital goods imports rose 19.3%, largely due to purchases of aircraft parts and utility vehicles.
- The energy import bill grew 32.6% (about MAD 23.7 billion or $2.39 billion) due to a 44.9% rise in gas oils and fuel oils.
Services Balance:
- Morocco’s services balance maintained a surplus of MAD 118.25 billion ($11.90 billion), a 13.4% increase from MAD 104.26 billion ($10.50 billion) the previous year.
