Rabat– Morocco’s economy has benefited from a surge in 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 published by the Exchange Office.
This 1.6 percent year-on-year increase affirms the continued support of the Moroccan diaspora for the national economy despite ongoing global economic challenges.
The Exchange Office’s monthly report on foreign trade indicators showed that Morocco’s trade deficit widened by 22.4 percent to MAD 328.8 billion ($35.58 billion), driven by a 9.2 percent rise in imports, which reached MAD 725.34 billion ($78.52 billion). Exports, meanwhile, increased modestly by 1.8 percent to MAD 423.5 billion ($45.86 billion), reflecting continued external demand pressures.
In contrast to the goods trade imbalance, the services balance showed strong performance, with a surplus exceeding MAD 147 billion ($15.91 billion) in the first 11 months of 2025, a 15.1 percent rise compared to the same period in 2024. This improvement stemmed from an 11.4 percent increase in services exports to MAD 285.9 billion ($30.93 billion), outpacing the 7.8 percent growth in services imports to MAD 138.9 billion ($15.03 billion).
The tourism sector, a key driver of foreign exchange earnings, recorded a notable rebound. Travel revenues jumped to approximately MAD 124.1 billion (around $13.43 billion) by the end of November, compared with MAD 104.5 billion ($11.32 billion) in the same period of 2024, representing an 18.7 percent annual increase. Travel expenditures also rose by 12.7 percent to MAD 30.1 billion ($3.26 billion), reflecting higher tourist activity and the sector’s ongoing recovery on global markets.
Together, strong remittances and travel revenues have bolstered Morocco’s external accounts, helping to cushion the impact of a growing trade deficit and rising imports. These figures highlight the resilience of key economic pillars and reflect Morocco’s ability to reinforce its balance of payments while navigating external economic headwinds.
