Morocco’s trade deficit continues to widen as imports grow faster than exports. By the end of June 2026, merchandise imports reached MAD 458.78 billion, up 15.3%, while exports rose 9.7% to MAD 260.40 billion. The automotive industry remains one of the main buffers against this deterioration.

Morocco’s foreign trade expanded strongly during the first half of 2026, but imports accelerated much faster than exports. According to the Office des Changes, merchandise imports reached MAD 458.778 billion at the end of June 2026, compared with MAD 397.887 billion a year earlier. The increase amounted to MAD 60.891 billion, equivalent to 15.3% growth. At the same time, exports reached MAD 260.397 billion, compared with MAD 237.305 billion at the end of June 2025. The increase amounted to MAD 23.092 billion, representing growth of 9.7%.

The gap between import and export growth is mechanically driving the trade deficit higher. This situation reflects, among other factors, Morocco’s growing demand for capital goods, industrial inputs and energy products. The increase in imports does not necessarily indicate economic weakness. A significant portion reflects investment requirements and the expansion of productive capacity.

Automotive Industry Remains the Main Export Engine

This is particularly visible in the automotive industry, where imports of components and intermediate goods accompany the growth of vehicle and equipment exports. At the end of June, automotive exports reached MAD 93.7 billion, up 17.4%.

The automotive industry therefore represents a substantial share of Morocco’s merchandise exports. Morocco must nevertheless continue improving its local integration rate so that a greater proportion of value added remains within the domestic economy. Developing local suppliers is therefore a strategic priority. The expansion of new investments in tires, batteries, electronics and automotive components directly addresses this challenge.

Industrial policy will also need to support Moroccan companies in their international expansion. The objective is no longer simply to export more, but to increase the domestic value added incorporated into every exported product. The first-half figures show that foreign trade remains one of the key indicators for measuring Morocco’s real economic competitiveness.