Morocco's trade deficit worsens to 127 billion dirhams by April 2026

Morocco's trade deficit increased to 127 billion dirhams by the end of April 2026, an 18.4% rise from 107 billion dirhams recorded a year prior, according to the Exchange Office. This deterioration is reflected in the import coverage rate by exports, which fell from 59.1% to 57.1%, indicating that export growth is not keeping pace with the acceleration in international purchases. Imports reached 295 billion dirhams, a 12.7% increase, driven by finished equipment products, which saw a 21.8% jump. Purchases of aircraft and other aerial or spatial vehicles rose by 3.110 billion dirhams, utility cars by 1.767 billion, and aircraft parts by 1.558 billion. Finished consumer products also contributed to this trend, with imports up 15.2%, notably for parts and components for passenger cars +3.463 billion dirhams, passenger cars +2.685 billion, and medicines +665 million. Raw product imports increased by 48.8%, mainly due to higher purchases of crude and unrefined sulfur +6.681 billion dirhams and scrap metal, waste, and other ores +398 million, though crude or refined olive oil imports decreased by 396 million dirhams. The energy bill also rose by 12%, adding 4.48 billion dirhams, primarily from increased supplies of gas-oils and fuel-oils +4.14 billion dirhams and petroleum oils and lubricants +1.43 billion. Exports grew at a more moderate pace, reaching 168 billion dirhams by April 2026, an 8.7% increase. The automotive industry was a key driver, with exports up 18.6%, contributing