Morocco’s remittances from citizens living abroad reached MAD 111.53 billion (nearly $11 billion) by the end of November 2024, up from MAD 109.8 billion recorded over the same period a year earlier, according to the Office des Changes.
In its latest Monthly Bulletin on External Trade Indicators, the Office des Changes reported that remittances posted a 1.6% year-on-year increase, confirming the continued resilience of transfers from Moroccans residing abroad (MREs).
The bulletin also highlighted a widening trade deficit, which rose by 22.4% to MAD 328.8 billion. This deterioration was driven by an increase in merchandise imports, which climbed 9.2% to more than MAD 725.34 billion, while exports grew at a more modest 1.8% to approximately MAD 423.54 billion.
As for the services balance, the Office des Changes noted a strengthening surplus, which expanded by 15.1% to exceed MAD 147 billion. This improvement came despite higher services imports, which rose 7.8% to MAD 138.98 billion, supported by a stronger increase in services exports, up 11.4% to MAD 285.9 billion.
The data underscore the continued importance of remittances and services exports in offsetting pressures from Morocco’s rising trade deficit.
