Moroccan Expat Remittances Surge 41.8% in Q1 2021, Offsetting Tourism Decline

In its latest bulletin on foreign trade indicators, the Office of Exchange reports a 41.8% increase in money transfers made by MREs in the first quarter of 2021. During the same period, the services trade balance recorded a 48.9% decline in its surplus to 11,457 MDH after the sharp drop in exports, unlike imports, i.e. a 34.9% drop in exports to 28.27 MMDH at the end of March 2021.

A decline due to the more than 78.4% drop in travel receipts, which represent the major component of service exports. As for service imports, they fell by 20.1%. Travel receipts thus stood at around 5.32 MMDH at the end of March 2021, a 69.1% decline. Travel expenses, on the other hand, fell by 47.6%. The travel balance surplus thus experienced a 76% drop, the Exchange Office noted.