Moroccan Wholesale Sector Poised for Modest Growth in Early 2026
Moroccan wholesale businesses are anticipating a slight uptick in sales during the first quarter of 2026, according to recent findings from the Haut-Commissariat au Plan (HCP), Morocco’s public institution responsible for statistics and planning.
Wholesale Sentiment: A Sector-by-Sector Breakdown
The HCP’s latest quarterly survey reveals that 22% of wholesalers predict an increase in overall sales volume for the upcoming quarter, while a substantial 68% expect sales to remain stable. This cautious optimism suggests a resilient, though not rapidly expanding, sector.
The anticipated growth is largely driven by projected increases in sales within specific segments: wholesale trade of food products, beverages, and tobacco. wholesale trade of household goods; and wholesale trade of raw agricultural products and livestock. Conversely, a decline in sales is expected in the wholesale trade of information and communication equipment, as well as other specialized wholesale trades – including fuels, minerals, and metals.
Employment and Inventory Levels Remain Stable
Alongside sales expectations, the survey indicates a generally stable employment outlook. 21% of wholesalers foresee an increase in staffing levels, while a significant 77% anticipate no change. 79% of business leaders report that planned order levels are normal, suggesting a balanced approach to inventory management.
Looking Back: Q4 2025 Performance
The positive outlook for Q1 2026 builds upon the performance of the wholesale sector in the fourth quarter of 2025. During that period, 26% of wholesalers reported an increase in sales on the local market, with 62% maintaining stable sales figures.
The HCP attributes the Q4 2025 growth primarily to increased sales in wholesale trade of information and communication equipment, other industrial equipment, and specialized wholesale trades (fuels, minerals, and metals). This was partially offset by a decrease in sales of food products, beverages, and tobacco.
Pricing Trends and Market Conditions
Regarding pricing, the survey indicates a degree of stability. 32% of business leaders reported anticipating price decreases, while 66% expect prices to remain unchanged. Inventory levels are also considered normal by a large majority (88%) of respondents.
Frequently Asked Questions
What is the role of the HCP? The Haut-Commissariat au Plan (HCP) is the Moroccan public institution responsible for producing, analyzing, and disseminating official statistics.
Which sectors are expected to drive wholesale growth in Q1 2026? The wholesale trade of food products, beverages, and tobacco, household goods, and raw agricultural products and livestock are expected to contribute to growth.
What is the employment outlook for the wholesale sector? A slight increase in employment is anticipated, with 21% of wholesalers planning to increase staffing levels.
How did the wholesale sector perform in Q4 2025? The sector experienced growth driven by sales in information and communication equipment, industrial equipment, and specialized trades, partially offset by declines in food and beverage sales.
Where can I identify more information about the HCP? You can visit the HCP’s official website at www.hcp.ma.
Pro Tip: Staying informed about sector-specific trends, like those highlighted by the HCP, can help businesses make proactive decisions and capitalize on emerging opportunities.
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