orocco sells more than it did and buys faster still. In the profile of the kingdom’s external trade published on September 10, the French Treasury’s Directorate General puts the 2025 goods trade deficit at 352 billion dirhams, or 21% of gross domestic product and a deterioration of 15.5% year on year: imports rise 8% while exports advance only 3%. The automobile industry, the leading export item since 2014 at 151 billion dirhams, falls 2% on a slowing European market — vehicle construction loses 14%, wiring gains 8% — while phosphates and derivatives, the second item at 100 billion, rise 15% on Indian demand.
The imbalance in goods has not carried away the external accounts, however. The financial account excluding reserve assets moves from 5 to 90 billion dirhams, the equivalent of 4.5% of gross domestic product, and inbound foreign direct investment doubles, from 17 to 31 billion, carried by financial activities and insurance. France alone accounts for 90% of that increase: its flows, negative by 2.2 billion in 2024, stand at 10 billion in 2025. Services, in surplus by 157.7 billion, hold up on a record 19.8 million international tourist arrivals, and receipts from Moroccans living abroad reach 122 billion. The current account deficit, for its part, widens from 1.2% to 2.5% of gross domestic product: 2025 would have paid for its imports with capital more than with its sales.
Photo: Adam Cli, CC BY-SA 4.0.
Direction générale du Trésor - Profil du commerce extérieur du Maroc
