Automotive and Aerospace: The Driving Forces Behind Exports
s of the end of June 2026, Morocco posted a trade deficit of MAD 198.38 billion, compared with MAD 160.58 billion a year earlier, representing a 23.5% deterioration. Behind these figures lies a two-speed economy: dynamic exports fueled by the automotive and aerospace industries, but imports surging under the combined impact of the energy bill and capital goods. The coverage ratio fell by 2.8 percentage points to 56.8%, highlighting the Kingdom’s growing dependence on external markets.
These are the main findings of the Foreign Exchange Office’s monthly external trade indicators for the end of June 2026, published on July 31, 2026.
Despite the widening trade deficit, the automotive and aerospace industries continued to drive Morocco’s external trade momentum through the end of June 2026 (Photo: L’Economiste).
■ Rising Energy Bill Weighs on the Trade Balance
The main reason behind the widening deficit is the sharp increase in merchandise imports, which reached MAD 458.78 billion, up 15.3% compared with the first half of 2025. The energy bill remains one of the key drivers of the deteriorating trade balance, increasing by 28.9%, or an additional MAD 15.39 billion. Imports of gas oil and fuel oil surged by 44.7%, while petroleum oils and lubricants rose by 62.3%.
This structural dependence on imported energy continues to place heavy pressure on Morocco’s trade balance despite ongoing investments in renewable energy.
■ Phosphates and Textiles Under Pressure
Not all sectors benefited from this positive momentum.
Exports of phosphates and derivatives declined by 2.3%, reflecting lower sales of raw phosphates (-13.1%) and fertilizers (-1.7%), although phosphoric acid recorded a slight increase.
The textile and leather industry experienced a more pronounced contraction of 6.5%, with exports of ready-made garments down 5.7% and knitwear falling 9.7%.
Meanwhile, the electronics and electrical sector posted a 4.4% decline, highlighting the structural challenges facing these traditional industries as they struggle to maintain competitiveness in the face of international competition.
■ Services and Remittances Cushion the Impact
Fortunately, the overall balance of payments continues to benefit from the stabilizing role of services and remittances from Moroccans Residing Abroad (MREs).
The services surplus increased by 16.8% to MAD 80.03 billion, supported by travel receipts, which rose 15.9% to MAD 64.90 billion.
Meanwhile, MRE remittances reached MAD 61.48 billion, up 9.9%, reaffirming the vital role of the Moroccan diaspora in supporting the Kingdom’s external accounts.
These inflows remain a valuable source of foreign currency, partially offsetting the widening trade deficit.
Fatim-Zahra TOHRY
