Key facts
- Morocco's trade deficit widened by 18.4% year-on-year to MAD 127.0 billion from January to April.
- Import growth was strong, fueled by capital goods, consumer goods, and increased energy costs.
- Automotive and aeronautics exports showed continued strength.
- Weaker shipments of phosphates and textiles limited overall export growth.
- Tourism receipts increased by 21.2% and remittances rose by 9.8%.
- Net foreign direct investment (FDI) flows decreased by 10.1%.
Morocco's trade deficit widened by 18.4% year-on-year to MAD 127.0 billion in the period from January to April. This expansion was primarily driven by strong import growth, which was bolstered by increased purchases of capital goods, consumer items, and a higher energy import bill. While exports in the automotive and aeronautics sectors continued to perform well, this positive momentum was tempered by weaker shipments of phosphates and textiles, limiting the overall export growth. On the other hand, tourism receipts saw a significant increase of 21.2%, and remittances grew by 9.8%, providing some cushion to the country's external position. However, net foreign direct investment (FDI) flows experienced a decline of 10.1% during the same period.