摩洛哥2025年上半年贸易逆差大幅扩大

Core Insights - Morocco's imports increased by 8.9% in the first half of 2025, reaching $43.8 billion, while exports grew by 3.1% to $25.96 billion, resulting in a trade deficit of $17.84 billion, which is an 18.4% year-on-year increase [1] Import Analysis - The surge in imports was driven by a 29.3% increase in raw material imports, totaling $2.32 billion, a 14.9% rise in equipment imports to $10.25 billion, and a 13.3% growth in consumer goods imports reaching $10.66 billion [1] - However, energy imports saw a decline of 7.4%, amounting to $5.83 billion [1] Export Analysis - The primary contributor to export growth was phosphates and derivatives, which increased by 18.9% to $5.11 billion [1] - Key sectors faced challenges, with electronic and electrical product exports declining by 7.8%, textile and leather exports down by 4%, and automotive manufacturing exports decreasing by 3.6% [1] Trade Deficit Outlook - The significant imbalance between soaring import demand and limited export growth suggests that Morocco's trade deficit is expected to widen further over the next two years [1]