The Moroccan economy continues to benefit from remittances sent by Moroccans living abroad, which have surpassed 108 billion dirhams, reaching exactly 108.67 billion dirhams by the end of November 2024, compared to 105.68 billion dirhams at the same point in 2023, according to official data.
Remittances increased by nearly three billion dirhams (2.9 billion), representing a growth of 2.8%, signaling a potential record year for 2024 if December’s figures maintain the positive trend, despite a slowdown in October and November.
In 2023, total remittances exceeded 115 billion dirhams, setting a new historic high.
Data from the Office des Changes, part of the Ministry of Economy and Finance, show a steady and accelerating increase in remittances since the onset of the COVID-19 pandemic in 2020, when transfers amounted to only 61.2 billion dirhams over the first 11 months.
Tourism revenues rose by 7.2%, exceeding 104.47 billion dirhams by the end of November 2024, up from 97.48 billion dirhams in 2023, reflecting a growth of 7 billion dirhams. In contrast, travel expenses saw a significant rise of 20.7%, reaching 26.7 billion dirhams by the end of November 2024, compared to 22.22 billion dirhams the previous year, an increase of 4.48 billion dirhams.
Foreign direct investment (FDI) flows into Morocco surged by 182.9%, amounting to 23.8 billion dirhams by the end of November 2024, compared to 8.4 billion dirhams in 2023. This growth was driven by a 30.1% rise in FDI revenues, which reached around 40 billion dirhams, up from 30.4 billion dirhams in November 2023. Conversely, FDI expenditures in Morocco decreased by 28.2%, totaling 15.8 billion dirhams, down from 22 billion dirhams the previous year.
Imports increased by 5.7% by the end of November 2024, amounting to 689.16 billion dirhams, a rise of 37.45 billion dirhams. Exports of goods also grew by 5.2%, reaching 413.41 billion dirhams, up from 392.87 billion dirhams in the same period of 2023, resulting in a 6.5% increase in the trade deficit, which reached a negative 275.75 billion dirhams by the end of November 2024, compared to a deficit of 258.84 billion dirhams the previous year. The coverage ratio of exports to imports remained stable at 60%.
The surplus in services trade showed a slight decline of 0.5%, or a decrease of 622 million dirhams, with the surplus standing at 123.288 million dirhams, down from 123.91 million dirhams in November 2023.
The post Morocco sees record highs in both remittances and tourism revenues by November 2024 appeared first on HESPRESS English – Morocco News.
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