Morocco’s trade deficit expanded sharply in the first half of 2025, reaching 161.86 billion Moroccan dirhams ($17.8 billion), an 18.4 percent increase compared to the same period last year, according to data from the Foreign Exchange Office reported by Morocco World News.

The rise reflects faster growth in imports, which climbed 8.9 percent to 398.04 billion dirhams ($43.8 billion), while exports increased by a more modest 3.1 percent to 236.17 billion dirhams ($26 billion). This gap caused the export coverage ratio, the share of import costs covered by export earnings, to fall 3.3 percentage points to 59.3 percent, indicating Morocco now finances less than 60 percent of its import bill through exports.

Import growth was broad-based. Raw materials surged 29.3 percent to 21.15 billion dirhams ($2.3 billion), equipment imports rose 14.9 percent to 93.22 billion dirhams ($10.3 billion), and consumer goods and food product imports increased 13.3 percent and 6.6 percent respectively.

Semi-finished product imports also grew 6.1 percent. Energy imports bucked the trend, falling 7.4 percent to 53.04 billion dirhams ($5.8 billion), easing some pressure on overall import spending.

On the export side, phosphates and derivatives led gains with an 18.9 percent rise to 46.56 billion dirhams ($5.1 billion). Manufacturing exports rose 13.1 percent, aerospace shipments climbed 8.8 percent, and agriculture and agri-food exports increased 3.2 percent.

However, key export sectors faced setbacks. Electronics and electrical exports declined 7.8 percent to 8.59 billion dirhams ($945 million), textile and leather exports fell 4 percent to 22.52 billion dirhams ($2.5 billion), and automotive exports slipped 3.6 percent to 77.6 billion dirhams.