Morocco's trade deficit widens to 198 billion dirhams in H1 2026

Morocco’s trade deficit expanded to 198.38 billion dirhams in the first half of 2026, a 23.5% increase year‑on‑year. Imports rose 15.3% to 458.77 billion dirhams, driven by raw materials (+37.7%), equipment (+21.2%) and consumer goods (+14.2%). Exports grew 9.7% to 260.39 billion dirhams, led by automotive (+17.4%) and aerospace (+19.3%) sectors, while textiles, leather and electronics fell. The coverage ratio fell to 56.8%, meaning export earnings cover just over half of import costs. A financial stability report for 2025 highlighted that, despite overall macro‑economic resilience, the widening trade gap has doubled the current‑account deficit. Household debt reached 456 billion dirhams, the fastest rise in over a decade, and non‑performing loans stay above 10% for both households and firms. Corporate debt now exceeds 780 billion dirhams, with large borrowers accounting for about 630 billion dirhams of bank exposure. Regulators warned of rising credit concentration, pension‑fund imbalances and emerging technology risks, urging continued vigilance.