Morocco spent 30.9 billion dirhams (about US$3.2 billion) on imported sulphur in the first nine months of 2026, almost three times the 11.2 billion dirhams (about US$1.1 billion) of a year earlier, according to the Office des Changes, the national foreign-trade statistics office. Sulphur is burned to make sulphuric acid, which turns phosphate rock into fertiliser, so the bill matters most to OCP, the state-controlled phosphate group.
OCP reported a first-half 2026 net loss attributable to the group of 2.84 billion dirhams (about US$290 million) and linked the result to higher sulphur prices. The latest results it has published cover January to June.
Key Facts
- Sulphur imports to end-September 2026: 30.9 billion dirhams (about US$3.2 billion), up from 11.2 billion (about US$1.1 billion).
- Trade deficit: up 25.4% to 323.9 billion dirhams (about US$33.1 billion) over the same nine months.
- OCP, the phosphate group, lost 2.84 billion dirhams (about US$290 million) in the first half.
- OCP’s stated cause: sharply higher sulphur prices amid tensions in the Middle East.
- Not known: how much of the national sulphur bill OCP itself paid in the nine months.
What the Trade Data Show
The Office des Changes reported that Morocco’s goods imports rose 17% to 707.99 billion dirhams (about US$72.3 billion) in the nine months to September 2026. Exports rose 10.7% to 384.05 billion dirhams (about US$39.2 billion), so the trade deficit widened 25.4% to 323.94 billion dirhams (about US$33.1 billion) from 258.28 billion (about US$26.4 billion).
The sulphur bill rose by about 19.7 billion dirhams (about US$2.0 billion). By our arithmetic that equals about 30% of the 65.7-billion-dirham (about US$6.7 billion) widening of the deficit, and the sulphur bill is about 4.4% of all goods imports.
All dollar values use the market rate of 9.79 dirhams per US dollar on 10 November 2026. The same rate is applied to both years.
What It Did to OCP’s Results
OCP’s half-year results, filed with Morocco’s capital-market regulator, show revenue down about 7% to 48.37 billion dirhams (about US$4.9 billion) from 52.17 billion (about US$5.3 billion). EBITDA, earnings before interest, tax, depreciation and amortisation, fell to 13.31 billion dirhams (about US$1.4 billion) from 18.61 billion (about US$1.9 billion).
The net result attributable to the group swung to a loss of 2.84 billion dirhams (about US$290 million) from a profit of about 8.25 billion (about US$840 million). OCP pointed to the sharp rise in sulphur prices amid tensions in the Middle East, and the Strait of Hormuz, the narrow Gulf shipping route, was closed to commercial traffic earlier this year.
Why It Matters for You
For anyone following fertiliser prices, the figures show how far one imported input can squeeze a producer that sits on large phosphate reserves. For Morocco’s economy, they show how a single raw material can account for about 30% of a widening trade gap.
OCP is also one of the country’s largest companies, as our ranking of Morocco’s top 10 companies by sales shows. Our explainer on Morocco’s natural resources covers the phosphate base behind it.
What to Watch Next
OCP published its nine-month figures in the last week of November last year, so the next set may come in that window. They would show whether the sulphur cost has eased since the first half.
The Office des Changes will also release October trade figures. They will show whether the sulphur bill keeps climbing.
What Is Not Known
OCP has not published its own sulphur costs for the nine months, so its exact share of the national bill cannot be stated. The Office’s figure is a national total.
It is also not known whether the Gulf route for sulphur will normalise soon. Until it does, the price risk stays with the buyers.
More: Morocco news in English, every day from The Rio Times.
Frequently Asked Questions
How much sulphur did Morocco import in 2026?
By the end of September 2026 it had bought 30.9 billion dirhams (about US$3.2 billion) of sulphur. That is almost three times the 11.2 billion dirhams (about US$1.1 billion) of a year earlier.
Why does Morocco need sulphur?
Sulphur is burned to make sulphuric acid, which dissolves phosphate rock into fertiliser. OCP, Morocco’s state-controlled phosphate group, uses it on a very large scale.
How did OCP do in the first half of 2026?
Revenue fell about 7% to 48.37 billion dirhams (about US$4.9 billion). The net result attributable to the group was a loss of 2.84 billion dirhams (about US$290 million).
Sources: Office des Changes (Morocco), monthly foreign-trade indicators, January to September 2026. OCP Group, half-year 2026 results communiqué to the Moroccan capital-market regulator (AMMC), 29 September 2026. Exchange rate: 9.79 dirhams per US dollar, 10 November 2026.
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