Morocco’s merchandise trade deficit widened 15.5% to a record MAD 352.3 billion in 2025, as imports of cars, industrial equipment and raw materials grew significantly faster than exports, despite a decline in the country’s energy bill.
The deficit increased by MAD 47.4 billion from MAD 304.9 billion in 2024, reaching its highest level in the Exchange Office’s statistical series dating back to 2011, according to its annual foreign trade report published October 15.
Imports rose 8% to MAD 822.3 billion, while exports increased just 3% to MAD 470 billion. As a result, exports covered only 57.2% of imports, down from 59.9% a year earlier.
The merchandise trade deficit also grew from 19.9% to 22.7% of Morocco’s gross domestic product.
Consumer goods contributed substantially to the increase. Imports reached MAD 203.5 billion, up 11.8%, driven partly by passenger vehicles, whose import value jumped MAD 10.8 billion to MAD 39.4 billion.
Germany remained Morocco’s largest supplier of passenger cars, while purchases from China rose sharply from MAD 927 million to MAD 3.4 billion.
Imports of capital equipment climbed 13.4% to MAD 199.2 billion, reflecting higher purchases of commercial vehicles, aircraft components and other aviation equipment.
Raw material imports surged 31.2% to MAD 43.6 billion, particularly because of crude sulfur purchases, which increased by MAD 6.1 billion.
The deterioration occurred despite lower energy costs. Morocco’s energy import bill declined 5.5% to MAD 107.5 billion, its third consecutive annual decrease, as falling prices offset an 8% increase in imported volumes.
Exports offered limited relief. Passenger vehicle exports declined by MAD 8.9 billion to MAD 59.1 billion, contributing to a wider deficit in finished consumer goods.
The imbalance was particularly pronounced in trade with China, where Morocco’s deficit reached MAD 110.2 billion as imports increased while exports edged lower.
Overall, imports accounted for 43.2% of domestic demand, compared with 41.4% in 2024, highlighting the growing weight of foreign purchases in Morocco’s economy.
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