Trade Deficit
• 275 billion dirhams (~USD 27.2 billion)
• Increased by 6.5% compared to 2023
• The deficit remains structural, although exports continue to grow steadily.
Imports
- Reached 689 billion dirhams, up 5.7%
- Main imported products:
o Energy (oil and gas)
o Capital goods (machinery, industrial components)
o Food products and agricultural raw materials
Exports
- Totaled 413 billion dirhams, a 5.2% increase
- Key sectors:
o Automotive: 145 billion MAD (+6.7%)
o Phosphates and derivatives: 75.2 billion MAD (+9.1%)
o Aerospace: 26.45 billion MAD (+14.9%)
o Agri-food: fruits, vegetables, processed seafood
Coverage Rate
- Around 60%, meaning exports cover only part of the import bill.
Observations
- Export growth is solid but not yet sufficient to offset high import volumes, especially in energy and industrial goods.
- Morocco’s industrial policy continues to prioritize strategic sectors like automotive, aerospace, green energy, and phosphate-based fertilizers.