- Imports rose 11% to $22bn in Q1
- Trade deficit $8.8bn
- Raw material import value up 42%
Morocco’s trade deficit for the first quarter of 2026 jumped nearly a quarter, caused mainly by a sharp rise in energy import bills.
Morocco relies almost entirely on petroleum products from abroad. The surge in hydrocarbon prices following the closure of the Strait of Hormuz since the beginning of the Iran war in late February boosted first-quarter imports.
The country’s total imports swelled by around 11 percent to one of their highest quarterly levels of MAD208 billion ($22 billion), while exports grew by about 3 percent to MAD120 billion, the state statistics office reported.
This created a trade deficit of around MAD88 billion in the first quarter of this year compared with nearly MAD71 billion in the first quarter of 2025.
The value of raw material imports, mainly crude and petroleum products, leaped by around 42 percent, while imports of equipment and machinery soared nearly 25 percent. Morocco is pushing ahead with projects in preparation for the 2030 football World Cup, which it will co-host with Spain and Portugal.
Morocco’s economic indicators
Morocco’s trade deficit, a persistent feature in its balance of payments over recent years, widened despite an increase of around 12 percent in car exports to nearly MAD8 billion and an expected rise in grain output to one of its highest levels this year.
The increase to nearly 9 million tonnes due to favourable weather is expected to give a strong push to Morocco’s economy this year, as agriculture is a major hard-currency earner and a key component of GDP.
“This big rise in grain production in the current year’s seasons is due to a massive improvement in rainfall,” agriculture minister Ahmed El Bouari said.