Key facts
- Morocco's trade deficit widened 18.4% year-on-year to MAD 127.0 billion in Jan-Apr.
- Imports increased 12.7% year-on-year to MAD 295.9 billion.
- Exports increased 8.7% year-on-year to MAD 168.9 billion.
- The coverage ratio fell to 57.1% from 59.1% a year earlier.
- Tourism receipts rose 21.2% to MAD 44.4 billion.
- Remittance inflows increased 9.8% year-on-year to MAD 40.0 billion.
Morocco's trade deficit widened 18.4% year-on-year to MAD 127.0 billion in January-April, primarily due to imports growing at a faster pace than exports. Total imports increased by 12.7% to MAD 295.9 billion, fueled by higher spending on capital goods (up 21.8%), consumer goods (up 15.2%), and energy (up 12.0%), alongside a surge in raw materials imports (up 48.8%). This indicates robust domestic demand and industrial activity. Exports grew 8.7% to MAD 168.9 billion, with notable increases in automotive (up 18.6%) and aeronautics (up 15.9%) sectors, though other sectors like phosphates and textiles underperformed. The trade deficit's coverage ratio fell to 57.1% from 59.1% a year prior. Partially offsetting the deficit, tourism receipts rose 21.2% to MAD 44.4 billion, and remittance inflows increased 9.8% to MAD 40.0 billion. Net foreign direct investment (FDI) flows declined by 10.1%.