Morocco’s cars, planes, tourists, and the diaspora are bringing in more FCY, but the fuel bill is taking more out

Morocco’s foreign-currency streams are having a banner year, but fuel imports are eroding much of what they bring in. Nearly every source of hard currency grew in the first eight months of 2026, but imports have outpaced them, resulting in a trade deficit that widened 25.4% y-o-y to MAD 282.6 bn (USD 28.5 bn), Office des Changes data shows.

Industry and FDI are pulling their weight. Automotive exports rose 14.5% to MAD 116 bn by end-August, and aerospace climbed 21.5% to MAD 23 bn. Total exports grew 8.7% to MAD 334.9 bn, though phosphates, long a mainstay of the export basket, slipped 6%. Net FDI in Morocco jumped 65% to MAD 34.3 bn (USD 3.5 bn).

Visitors and the diaspora are doing their part too. Tourism receipts rose 9.7% to MAD 97.9 bn (USD 9.9 bn) on the back of 14.1 mn arrivals, as Morocco continued to cement its tourism profile while gaining arrivals that adapted their travel plans due to the war. Remittances from Moroccans abroad also grew 9% y-o-y during the same period to MAD 89.2 bn (USD 9.0 bn).

The fuel bill is where the gains leak out. Energy imports cost 32.6% more than a year earlier, largely because the bill for gasoline and fuel oil jumped 44.9%. That increase alone offsets the gains brought in from tourism and remittances together. A 19.3% y-o-y surge in imports of finished capital goods, or in simpler terms machinery and equipment, also contributed to the pressure.

That’s why households are paying more and more at the pump. Distributors raised gasoil by MAD 0.80 a liter on Wednesday, to around MAD 15.8. That comes on top of hikes of about MAD 0.70 in mid-July and MAD 1 in early August.

What’s next: Keep an eye out for remittances ahead of the new EU banking rules that will enter into effect on 11 January 2027. The rules will bar non-EU banks from offering core services in member states without a licensed branch there. That rule can cut directly into how Moroccan lenders serve the diaspora across Europe, though any expected impact on remittances should remain temporary as the diaspora adapts to the changes.