Remittances from Moroccan Expats Surge 22.5% to 12.31 Billion Dirhams in February

In its note on the monthly indicators of foreign trade for the month of February, the Office explains that "the remittances of funds made by Moroccans residing abroad amounted to 12.31 billion dirhams at the end of February 2021, against 10.05 billion dirhams at the end of February 2020, an increase of 22.5%".

Regarding the trade balance of services, the note reveals a surplus down 42.2% totaling +8.68 billion dirhams against +15.024 billion dirhams during the period.

As for exports, they reached 19.08 billion dirhams at the end of February 2021 against 29.83 billion dirhams a year earlier, a decrease of 36%, the office notes, noting that this decline is explained to the tune of 73.5% by the decline in travel receipts. At the same time, service imports fell by 29.8%, or -4.418 MDH.

Thus, travel receipts fell by 65%, standing at 4.266 BMDH against 12.173 BMDH a year earlier, while travel expenses also fell by 55%. The travel balance surplus is down 68.7%.