In 2025, Morocco’s foreign trade continued to grow in a context marked by economic recovery and rising import needs. However, this dynamic was accompanied by a widening trade deficit.
Trade deficit
• 353.1 billion dirhams
• Increase of 15.8% compared to 2024
• The deficit worsened due to import growth being twice as fast as export growth, reflecting strong dependence on external purchases to support national investment.
Imports
• Reached 822.2 billion dirhams, up 8% (+60.9 billion MAD).
• Main growth drivers:
o Capital goods: machinery and components needed for major infrastructure projects.
o Consumer goods: driven by sustained domestic demand.
o Industrial needs: raw materials for public and private investment.
Exports
• Amounted to 469 billion dirhams, up 2.8%.
• Key sectors and performance:
o Automotive and aeronautics: main drivers of industrial growth.
o Phosphates and derivatives: maintaining a strategic position in the global market.
o Agri-food and textiles: resilient contribution despite international competition.
Coverage rate
• Stood at 57%, down from 59.9% in 2024. This decline highlights that export growth is no longer sufficient to offset the surge in import volumes.
Observations and external flows
• Services resilience: The surplus in the services balance rose to 159.6 billion MAD (+14.2%), driven by tourism.
• Financial support: Revenues from MREs (122 billion MAD) and the surge in net FDI flows (+74.3%) helped preserve foreign exchange reserves despite the goods deficit.
• Strategic challenge: Upgrading exports and “competitive substitution” (producing locally what is imported) are becoming essential to sustainably balance trade.