he deficit is widening faster than exports are growing. At the end of July 2026, Morocco’s trade balance showed a deficit of 244.69 billion dirhams, up 26.5% year on year, according to the Office des Changes.
Goods imports accelerated by 15.9%, to 544.045 billion dirhams, while exports rose only 8.4%, to 299.34 billion. The coverage ratio lost 3.8 points and fell to 55%.
The receipts that usually cushion this imbalance are holding, but they are not moving at the same rate. Transfers from Moroccans living abroad reached 74.78 billion dirhams, up 8.1%, and travel receipts 79 billion.
The kingdom imports faster than it exports, and the gap is closed by what its emigrants and its visitors send home.
Photo: Bertrand Soubeyrand, CC BY-SA 4.0.
Office des Changes — monthly foreign-trade indicators, position at the end of July 2026.
