The trade deficit widened sharply in the first seven months of 2026, rising 26.5% from a year earlier to MAD 244.69 billion as imports continued to outpace exports.
Goods imports increased by MAD 74.48 billion, or 15.9%, to MAD 544.05 billion through July, according to the latest Foreign Exchange Office figures.
Exports rose by a more modest MAD 23.17 billion, or 8.4%, to MAD 299.34 billion.
The widening gap pushed the trade coverage ratio down 3.8 percentage points to 55%.
Energy bill jumps 29%
Higher spending was recorded across most major import categories.
The energy bill climbed 29.1% to MAD 81.20 billion, while imports of capital goods rose 20.8% to MAD 133.20 billion.
Consumer goods imports increased 12.3% to MAD 129.87 billion.
The sharpest percentage increase came from raw materials, which surged 52.2% to MAD 36.94 billion. Semi-finished goods and food imports rose 4.3% and 3%, respectively.
Automotive exports top MAD 107 billion
Automotive remained the biggest driver of export growth, with sales abroad rising 14.9% to MAD 107.14 billion.
Aerospace exports grew even faster, up 19.7% to MAD 20.56 billion.
Those gains were partly offset by declines elsewhere. Phosphates and derivatives exports fell 7.8%, textile and leather exports dropped 5.5%, and electronics and electrical exports declined 2.9%.
The services balance moved in the opposite direction, with the surplus increasing 13.2% to MAD 95.48 billion.
Services exports rose 13.1% to MAD 193.38 billion, while imports increased 12.9% to MAD 97.90 billion.
