Morocco buys more from the world than it sells, and has for decades. The interesting question is not that the goods deficit exists, but how the country pays for it: through remittances, tourism, and foreign investment. This page is a living reference for that whole external balance, the trade gap, what drives it, and the invisible earnings that keep the dirham stable. It is updated after each Office des Changes release.
The Office des Changes, Morocco's foreign-exchange authority, publishes monthly figures on the country's trade with the world. Its releases report cumulative year-to-date totals, so each one covers the year so far rather than a single month.
Over the first five months of 2026 (January to May), the goods trade deficit reached 159.07 billion dirhams, 20.8% wider than the 131.71 billion recorded in the same period a year earlier. The gap widened because imports grew faster than exports: imports rose 11.8% to 370.49 billion dirhams, while exports rose only 5.8% to 211.41 billion. As a result, the share of imports covered by exports slipped to 57.1%, down from 60.3% a year earlier.
| Flow (Jan-May 2026) | Value (MAD) | Change YoY |
|---|---|---|
| Imports of goods | 370.49bn | +11.8% |
| Exports of goods | 211.41bn | +5.8% |
| Trade deficit | 159.07bn | +20.8% (wider) |
| of which: Automotive exports | +10.54bn added | +15.9% |
| of which: Aeronautics exports | +1.71bn added | +14.2% |
| of which: Phosphates and derivatives | -4.13bn lost | -11.2% |
The export side is going through a quiet but important shift. Automotive is now Morocco's export engine, adding 10.54 billion dirhams over the period, up 15.9%, with aeronautics close behind. Meanwhile phosphates and derivatives, historically the anchor of Moroccan exports, fell 11.2%, with fertilizers down 3.5 billion. The country that used to be defined by phosphate rock is increasingly defined by the cars and aircraft parts assembled in Tangier and Kenitra. For the phosphate side of that story, note that the producer, OCP, is state-owned and not listed on the exchange.
A goods deficit of 159 billion dirhams sounds alarming in isolation. It is not, because goods are only half the story. Morocco runs large surpluses in things that do not travel in containers, and these are what actually balance the external accounts.
| Invisible earning (Jan-May 2026) | Value (MAD) | Change YoY |
|---|---|---|
| Tourism receipts (recettes voyages) | 53.75bn | +14.6% |
| Remittances from Moroccans abroad | 50.22bn | +8.8% |
| Services surplus | 64.27bn | +11.1% |
| Foreign direct investment (net) | 23.31bn | +41.8% |
Put together, tourism, remittances, the services surplus, and foreign investment are large enough to cover most of the goods gap. Remittances from the roughly five million Moroccans living abroad are strikingly stable year after year; tourism is on a strong post-2024 run; and net foreign direct investment jumped almost 42%. This is the machinery that lets Morocco run a persistent goods deficit without a currency crisis.
The headline "deficit widens 20%" is the least interesting thing in this data. Two deeper shifts matter more. First, Morocco's export base is changing under our feet: automotive and aeronautics are now doing the heavy lifting that phosphates used to, which makes the economy more tied to European industrial demand and less to global fertilizer prices. Second, the reason a widening goods gap is not a crisis is the invisible column: remittances, tourism, and FDI are covering it. That is the same buffer that lets Bank Al-Maghrib hold the dirham peg and keep reserves near five months of imports. The external accounts are healthier than the goods deficit alone suggests, but they are also more dependent than before on tourism sentiment and European car demand, two things Morocco does not fully control.
The next Office des Changes release (June 2026 data, expected end of August 2026), and specifically whether the invisibles keep pace with the widening goods gap. A weak tourism season or a European auto slowdown would be the first place strain appears, feeding through to foreign reserves and, ultimately, the dirham.
The dirham and the peg. The external balance is the foundation the dirham stands on. The currency is pegged to a euro-dollar basket, and that peg is only credible while Morocco earns enough foreign currency, through exports plus the invisibles, to pay for its imports and service its debt. A widening goods deficit that is comfortably covered by remittances, tourism, and FDI keeps the peg safe. One that is not would eventually pressure reserves. This is the direct bridge to a future FX and reserves monitor.
Inflation and the cost of living. Because Morocco imports so much, including energy and wheat, the trade account is where imported price pressure originates. A weaker external position tends to feed inflation through a softer dirham; a strong one helps contain it. The energy import bill in particular links straight to the oil price.
Investors and listed companies. The export shift is visible on the Casablanca exchange. The rise of automotive and aeronautics and the relative decline of phosphates reshapes which sectors carry Morocco's growth. Tourism strength supports hospitality and transport names; a strong external account supports the banks that finance trade. For the sector detail, see the mining and materials and banking pages.
The external sector is one node in a chain. To follow it:
This section grows over time rather than being overwritten, so the trajectory of Morocco's external accounts stays visible. Newest first.
What is Morocco's trade deficit in 2026?
Over January to May 2026, the goods trade deficit reached 159.07 billion dirhams, 20.8% wider than a year earlier, per the Office des Changes. Imports rose 11.8% and exports 5.8%.
How does Morocco fund its trade deficit?
Largely through invisible earnings: remittances from Moroccans abroad (50.22bn over Jan-May, +8.8%), tourism receipts (53.75bn, +14.6%), a services surplus (64.27bn), and net FDI (23.31bn, +41.8%). These keep the dirham peg and reserves stable despite the goods gap.
What are Morocco's main exports?
Automotive is now the leading export sector and the main growth driver (+15.9% over Jan-May 2026), followed by aeronautics. Phosphates and derivatives, historically the anchor, fell 11.2%.