Remittances Reach Record High, Boosting Morocco’s External Accounts

Rabat, The Gulf Observer: Morocco’s economy has benefited from a strong inflow of remittances from citizens living abroad, which reached a record MAD 111.53 billion ($12.07 billion) by the end of November 2025, up from MAD 109.8 billion ($11.87 billion) during the same period last year, according to data released by the Exchange Office.

The 1.6 percent year-on-year increase underscores the continued support of the Moroccan diaspora for the national economy, despite persistent global economic challenges.

According to the Exchange Office’s monthly report on foreign trade indicators, Morocco’s trade deficit widened by 22.4 percent to MAD 328.8 billion ($35.58 billion) in the first 11 months of 2025. The expansion was driven by a 9.2 percent rise in imports, which reached MAD 725.34 billion ($78.52 billion), while exports increased modestly by 1.8 percent to MAD 423.5 billion ($45.86 billion), reflecting ongoing external demand pressures.

In contrast to the widening goods trade deficit, the services balance recorded a strong performance, posting a surplus exceeding MAD 147 billion ($15.91 billion), a 15.1 percent increase compared to the same period in 2024. This improvement was supported by an 11.4 percent rise in services exports to MAD 285.9 billion ($30.93 billion), outpacing a 7.8 percent increase in services imports, which reached MAD 138.9 billion ($15.03 billion).

The tourism sector, a key source of foreign exchange earnings, also showed a notable rebound. Travel revenues climbed to approximately MAD 124.1 billion ($13.43 billion) by the end of November, compared with MAD 104.5 billion ($11.32 billion) a year earlier, marking an 18.7 percent annual increase. Travel-related expenditures rose by 12.7 percent to MAD 30.1 billion ($3.26 billion), reflecting increased tourist activity and the sector’s continued recovery in global markets.

Overall, robust remittance inflows and rising tourism revenues have helped strengthen Morocco’s external accounts, cushioning the impact of higher imports and a growing trade deficit. The figures highlight the resilience of key economic pillars and Morocco’s capacity to reinforce its balance of payments amid external economic headwinds.