Trade Balance of Goods in Morocco: Overview from 2017 to 2023

Morocco’s trade balance consistently recorded deficits, which widened from -19,218.3 million USD in 2017 to a peak of -30,326.0 million USD in 2022. This increase was primarily driven by rising energy import costs and higher demand for machinery and consumer goods. The 2022 peak coincided with global energy price surges that strained Morocco’s trade position.

In 2023, the deficit improved to -26,990.0 million USD, reflecting stabilization in energy prices and growth in exports, particularly in phosphate products. Morocco’s trade dynamics highlight the challenges of energy import reliance while emphasizing the importance of its phosphate sector for export revenues.