Morocco’s trade gap jumps 24% on high oil import bill

• Imports rose by 11% to $22bn
• $8.8bn Q1 trade deficit
• Raw material imports value up 42%

Morocco’s trade deficit for the first quarter of 2026 jumped by nearly a quarter, caused mainly by a sharp rise in energy import bills.

Morocco relies almost completely on imports of petroleum products and the surge in hydrocarbon prices following the closure of Strait of Hormuz since the beginning of the Iran war in late February sharply boosted its imports in the first quarter of this year.

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 at a lower rate of about 3 percent to MAD120 billion ($12 billion), the state statistics office reported.

This created a trade deficit of around MAD88 billion ($8.8 billion) in the first quarter of this year compared with nearly MAD71 billion ($7.1 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 by nearly 25 percent. Morocco is pushing ahead with projects in preparation for the 2030 football World Cup which it is co-hosting with Spain and Portugal.

Morocco’s economic indicators

Morocco’s trade deficit, a persistent feature in its balance of payments over the past years, widened despite an increase of around 12 percent in car exports to nearly MAD8 billion ($0.8 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 better climate conditions 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 its GDP.

“This big rise in grain production in the current year’s seasons is due to a massive improvement in rainfall,” said Ahmed El Bouari, minister of agriculture, maritime fisheries, rural development, water and forests.

• Morocco to invest extra $850m in World Cup transport links
• Morocco’s budget deficit soars 40%
• IMF says energy prices will send Morocco inflation higher