Morocco’s Rising Energy Costs Deepen Trade Imbalance

June 2, 2026

Mintesinot Nigussie

Higher fuel purchases and sustained import demand pushed Morocco’s trade deficit to 127 billion dirhams during the first four months of 2026, as import growth continued to outpace export expansion despite solid performances from tourism and the automotive industry.

Figures published by Office des Changes showed imports climbed 12.7 percent year-on-year to 296 billion dirhams between January and April, while exports rose 8.7 percent to 169 billion dirhams. The imbalance widened 18.4 percent compared with the same period last year.

Energy remained one of the largest pressures on Morocco’s external trade position. The country’s fuel import bill increased to 41.8 billion dirhams, up 12 percent from a year earlier.

At the same time, authorities increased wheat purchases ahead of a temporary suspension of imports scheduled for June and July. Wheat imports reached 6.2 billion dirhams during the reporting period.

Even as import costs accelerated, export-oriented manufacturing maintained momentum. Morocco’s automotive industry generated 58.2 billion dirhams in export revenue, rising 18.6 percent from the same period in 2025.

Exports of phosphates and related fertiliser products declined 1.5 percent to 27.1 billion dirhams after OCP Group advanced planned maintenance work.