The trade deficit widened by MAD 51.3 billion in the first seven months of 2026, as higher spending on energy, equipment and raw materials pushed the import bill up much faster than exports could keep pace.
The deficit reached MAD 244.69 billion at the end of July, up 26.5% from a year earlier, according to the latest foreign trade figures from the Foreign Exchange Office.
Energy was one of the biggest sources of pressure. The energy bill rose 29.1% to MAD 81.19 billion, driven largely by a 41.2% increase in purchases of gas oil and fuel oil.
Equipment buying also accelerated. Imports of finished equipment goods climbed 20.8% to MAD 133.2 billion, led by aircraft parts, utility vehicles, aircraft and spacecraft.
Raw-material imports recorded an even sharper increase of 52.2%, driven by purchases of crude and unrefined sulphur, scrap and other ores.
Consumer goods added to the bill, rising 12.3%. Imports of passenger-car parts increased 24.7%, cars 10.8% and pharmaceuticals 14.8%.
Food imports rose by a more moderate 3%, with higher purchases of oilcake, maize and fresh, dried, frozen or preserved fruit partly offset by a 34.6% drop in sugar imports.
Taken together, imports topped MAD 544 billion through July, up 15.9% year on year.
Exports grew at almost half that pace, rising 8.4% to MAD 299.34 billion.
The widening gap pushed the trade coverage ratio down to 55%, from 58.8% a year earlier.
Read also : Trade deficit widens 26.5% to nearly MAD 245 billion through July
Cars and aircraft deliver, others lose ground
Automotive remained the biggest contributor to export growth, with sales abroad rising 14.9% to MAD 107.14 billion.
Exports from the vehicle manufacturing segment increased 19.9%, wiring rose 13.8% and the exterior segment jumped 47.9%.
Aerospace also maintained strong momentum, with exports up 19.7% to MAD 20.56 billion on higher sales from assembly and Electrical Wiring Interconnection System activities.
Read also : Foreign direct investment in Morocco jumps 58.5% to $3.2 billion through July
Agriculture and agri-food exports increased 7%.
Those gains were partly offset by declines in several other major export sectors.
Phosphates and derivatives fell 7.8%, as fertiliser exports declined 8.3% and phosphate sales dropped 19.8%.
Textile and leather exports were down 5.5%, with lower sales of ready-made garments and knitwear.
Electronics and electrical exports slipped 2.9%, mainly on weaker sales of electronic components and electrical equipment used in wired telecommunications.
Import substitution has yet to narrow the gap
The figures come as the government tries to reduce dependence on imports by expanding domestic production while opening new markets for exporters.
Automotive and aerospace have delivered some of the strongest results from that industrial push, but the expansion has yet to extend across enough sectors to offset the growing import bill.
The 2025-2027 foreign trade roadmap is targeting 200 high-value-added products across 22 priority markets, mainly in Africa, with up to MAD 120 billion in potential export gains.
A single digital platform, the One Shop Store Export, has also been introduced to centralise export procedures.
On the import side, the 2026 Finance Law raised customs duties on some household appliances, including washing machines and freezers, from 2.5% to 17.5% as part of efforts to encourage local production.
The trade deficit has nevertheless continued to widen.
2030 investment cycle could keep imports elevated
Equipment demand could remain high as major infrastructure projects for the 2030 World Cup move ahead.
An IMF report published in March estimated World Cup-related infrastructure investment at MAD 190 billion between 2024 and 2030, equivalent to 11.9% of 2024 GDP.
Rail projects account for the largest share of that investment, followed by airports, stadiums, roads and urban and tourism infrastructure.
Read also : Foreign direct investment in Morocco jumps 58.5% to $3.2 billion through July
The IMF estimates that around 60% of the investment spending could be absorbed by imported equipment, particularly for railway and airport projects requiring components that are not produced locally.
The Fund expects the current-account deficit to widen during the construction phase before narrowing after 2030 as the new infrastructure begins generating competitiveness gains.
