n September 30, 2026, the Office des Changes published Morocco’s external accounts for the first half, and they confirmed a wider current account deficit, which grew from 20.3 billion dirhams at the end of June 2025 to 32 billion a year later. Trade in goods was the main cause: its deficit deepened by 34.3 billion, to 174.2 billion, while the primary income deficit slipped from 10.9 to 11.7 billion. Merchandise imports jumped 15.3% to 458.9 billion dirhams, outpacing exports, which rose 10% to 261 billion, so that the coverage ratio fell from 59.6% to 56.9%.
Services and transfers cushioned the blow: the surplus on trade in services climbed from 68.5 to 82.7 billion dirhams, and the secondary income surplus from 62 to 71.2 billion. On the balance sheet, the international investment position showed a net debit of 776 billion dirhams at the end of June, against 765.9 billion at the end of March. Liabilities to the rest of the world grew by 49.4 billion, driven by portfolio investment (+39.5 billion) and direct investment (+14.5 billion), faster than assets (+39.3 billion), which were themselves lifted by higher reserve assets. The second half will tell whether the gap narrows.
Photo: Industrial Wales, CC BY-SA 2.0. The port of Casablanca.
Office des Changes - Communiqué: Résultats des échanges extérieurs à fin juin 2026 (30 septembre 2026)
