Morocco trade deficit: the figures that worry

The Morocco trade deficit accentuated 6.5 % at the end of November 2024, reaching 275.74 billion DH against 261.36 billion DH at the same period of the previous year, according to figures from the Office of Changes. Moroccan exports have only increased by 5.2 % in the first eleven months of 2024, while imports jumped 5.7 %, further aggravating this situation.

Increase in the country’s energy bill, number of insufficient exporting companies, poor geographical and sectoral distribution … These are among other the profound causes of Morocco’s trade deficit. While the kingdom has more than 5,000 exporting companies, 80 % of the turnover achieved internationally comes from less than 20 % of them, reports Challenge. Another cause: 85 % of Moroccan exports are concentrated in only three regions of the country, which limits the diversification of income sources. On the sectoral level, Moroccan exports are dominated by six key sectors: the automobile (34.4 %), agriculture and the food industry (19.3 %), phosphates and derivatives (17.8 %) , leather products (10.7 %), aeronautics (5.3 %) and electronics (4.3 %), which creates vulnerability to global economic fluctuations.