Moroccan Diaspora Remittances Surge 50% Amid Declining Trade Balance

Remittances increased by 50.2% from January to the end of May 2021, according to the Office des Changes in its recent report on monthly foreign trade indicators. The indicators show a 38.9% drop in the surplus of the services trade balance to 17.38 MMDH. This drop is linked to a 19.6% decrease in exports to 46.85 MMDH and a -1.5% decrease in imports to 29.56 MMDH.

Regarding travel, a major component of service trade, its balance fell by 72.3% due to a 62.7% drop in travel receipts to 7.38 MMDH. At the same time, travel expenses fell by 34.9%.