The Foreign Exchange Office reported that Morocco’s trade deficit reached 296.95 billion dirhams at the end of October 2025, marking an increase of 19.6 percent compared to the same period last year.
The office clarified that this increase is due to a 9.4 percent rise in imports, reaching over 682.15 billion dirhams, against a limited growth in exports that did not exceed 2.6 percent, amounting to approximately 385.2 billion dirhams.
Consequently, the coverage rate of imports by exports has decreased by 3.7 points, settling at 56.5 percent.
The same source indicated that the growth in imports resulted from a 36.9 percent rise in raw material imports, a 15.2 percent increase in ready-to-process goods, and a 12.7 percent rise in consumer goods, in addition to half-finished products and food products.
In contrast, exports saw an improvement in the phosphates and their derivatives sector (+16.7%), the aerospace sector (+8.3%), and the agricultural and food industries sector (+1.1%).
A surplus of over 129.19 billion dirhams was achieved in the services balance, reflecting an increase of 10.2 percent, supported by an increase in both exports and incoming services.
Implications for the Economy and Citizens
The expansion of the trade deficit at this level represents increasing pressure on Morocco’s external financial balances and enhances greater reliance on imports for several essential and intermediate goods. It also poses additional challenges to foreign currency reserves and the balance of payments if the gap between imports and exports continues.
For citizens, this situation may contribute to rising costs for imported goods and reflect on domestic prices, especially in light of increased imports of raw materials and ready-made products.
This could also result in future pressures on the state’s financial resources and its ability to fund some social sectors if the deficit widens in the medium term.
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