Morocco's trade deficit widens by over 20% by end of May 2026, Office des Changes reports

Morocco's trade deficit increased by 20.8% to 159.07 billion dirhams by the end of May 2026, up from 131.71 billion dirhams a year prior, according to the Office des Changes. This widening deficit is attributed to imports growing faster than exports, leading to a 3.2-point decrease in the import coverage rate, from 60.3% to 57.1%. Merchandise imports reached 370.49 billion dirhams, an 11.8% increase, or 39.043 billion dirhams more than the same period in 2025. This rise was primarily driven by a 18.7% increase in finished equipment products, including aircraft and other aerial or spatial vehicles, parts, and utility vehicles. The energy bill also saw a significant 20.7% increase, mainly due to higher purchases of diesel, fuel oils, and petroleum oils and lubricants. Raw product imports rose by 42.5%, largely due to increased imports of crude and unrefined sulfur and scrap iron, waste, and other ores, though crude or refined olive oil purchases decreased. Exports also grew, reaching 211.41 billion dirhams by the end of May 2026, a 5.8% increase from 199.73 billion dirhams a year earlier. The automotive sector remained the primary driver, with exports increasing by 15.9%, particularly in car manufacturing and wiring. Aeronautical exports also saw a 14.2% rise, mainly from the assembly segment. In contrast, phosphate and derivative exports declined by 11.2%, primarily due to reduced sales of natural and chemical fertilizers and phosphates. Despite the trade deficit, other extern