Morocco: current account deficit doubles to 42 billion DH
Morocco's Office des Changes reports that the current account deficit more than doubled in 2025 to 42 billion dirhams (2.4% of GDP), as a widening trade gap outweighed record tourism receipts and remittances.
Morocco's Office des Changes has revealed that the country's current account deficit more than doubled in 2025, reaching 42 billion dirhams, or 2.4% of GDP, up from 19.6 billion dirhams (1.2%) in 2024. The figures come from the Office's annual report on the balance of payments and international investment position, based on provisional data as of end-June 2026, and mainly reflect a widening trade deficit as imports grew faster than exports.
Trade gap widens as imports outpace exports
Morocco's goods trade deficit (fob-fob) stood at 311.1 billion dirhams in 2025, up 15.2% from 270.1 billion in 2024, as imports jumped 8% to 822.3 billion dirhams while exports rose only 3%, to 470 billion dirhams. As a result, the import coverage ratio by exports fell to 57.2%, down from 59.9% the previous year.
By sector, exports of phosphates and derivatives grew 14.5% to 99.7 billion dirhams and aerospace exports rose 9.8%, while automotive exports stayed nearly flat (-0.2%) and textile/leather exports fell 4.6% and electronics 14.5%. On the import side, capital goods purchases rose 13.4% and finished consumer goods 11.8%, while the energy bill fell 5.5%.
| Indicator | 2025 value | Change vs. 2024 |
|---|---|---|
| Current account deficit | 42 billion dirhams (2.4% of GDP) | More than doubled (19.6 billion / 1.2%) |
| Trade deficit (fob-fob) | 311.1 billion dirhams | +15.2% |
| Imports | 822.3 billion dirhams | +8% |
| Exports | 470 billion dirhams | +3% |
| Import coverage ratio | 57.2% | Down from 59.9% |
| Tourism receipts | 138.6 billion dirhams | +21% (record) |
| Remittances from Moroccans abroad | 122 billion dirhams | +2.6% (record) |
| Net FDI | 31.2 billion dirhams | About +80% |
Tourism and remittances cushion the deficit
In contrast, the services balance posted a surplus of 157.7 billion dirhams, up 12.8%, driven by record tourism receipts of 138.6 billion dirhams (+21%), with France, Spain and Italy the top source markets. Remittances from Moroccans living abroad also hit a record, at 122 billion dirhams (+2.6%), while the secondary income surplus stood at 136.5 billion dirhams and the primary income deficit widened slightly to 25.1 billion dirhams.
Foreign investment rises, international reserves strengthen
Morocco's external financing need reached 24 billion dirhams in 2025, up from just 0.9 billion in 2024, partly offset by a nearly 80% rise in net foreign direct investment, to 31.2 billion dirhams, mostly from France (10.1 billion), the UAE (4.4 billion) and the Netherlands (2.9 billion), with 63.7% of flows going into real estate and manufacturing. Reserve assets rose by 67.4 billion to 442.9 billion dirhams, while Morocco's net international investment position showed net debt of 791.8 billion dirhams at end-2025, up 81.1 billion (+11.4%) from 710.7 billion in 2024.
The widening current account deficit means Morocco is relying more heavily on tourism, remittances and foreign investment to cover the growing gap between its imports and exports, even as stronger reserves and rising FDI inflows point, according to the Office des Changes, to the economy's continued financing capacity.