Moroccan Expat Remittances Surge 16% to $2.7 Billion, Boosting Economy

This increase in MRE remittances had a positive impact on the Moroccan economy, which nevertheless experienced an increase in the trade deficit at the end of March 2023. According to data from the Office des Changes, the trade deficit stood at more than 72.62 billion dirhams, up 13.5% compared to the same period in 2022.

The Office also reports a surplus in the balance of trade in services up more than 17.2 billion dirhams. This progress is the result of an increase in exports which increased by 56.4% to 60.05 billion dirhams, a growth higher than that of imports which increased by 19.9% to 26.86 billion dirhams.

Similarly, imports increased by 10.1% to more than 182.17 billion dirhams, while exports grew by 8% to 109.54 billion dirhams. The coverage rate, for its part, stood at 60.1% against 61.3% a year earlier.

The Office des Changes indicates that the increase in imports of goods affected the majority of product groups. Purchases of capital goods thus increased by 22% to 38.87 billion dirhams, in particular thanks to the growth in purchases of piston engines (+49.1%) and aircraft parts (+37.3%).

Regarding imports of finished consumer goods, they experienced an increase of 15.1%, mainly due to the increase in imports of parts and parts for passenger cars by 46.2%. Imports of energy and food products also increased, by 15.7% and 16.9% respectively. On the other hand, purchases of raw materials fell by 6.5%, due to the decrease in purchases of crude and unrefined sulfur by 45.3%.

Finally, merchandise exports experienced growth in the majority of sectors, particularly in the automotive, electronics and electricity, and textile and leather sectors.