Increase in MRE transfers, but Morocco’s trade deficit explodes : figures from the Office des Changes

The Office des Changes has published its monthly bulletin on foreign trade, revealing the resilience of the diaspora’s remittances. As of the end of September 2025, MRE transfers reached 92.73 billion dirhams. This figure represents an increase of 1.1% compared to the 91.72 billion recorded in the same period the previous year. At the same time, the services balance also shows good health, with a surplus up 9.4%, reaching 114.52 billion dirhams.

The widening of the trade deficit weighs on the balance

This positive performance of services and transfers is, however, overshadowed by the evolution of the goods trade balance. Morocco’s trade deficit has indeed jumped by 17.7% to exceed 259 billion dirhams. This deterioration is the result of a faster increase in imports (+9.2%) than in exports (+3.6%). Over the period, imports reached 605.35 billion dirhams, compared to 346.3 billion for exports.