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Rabat – Money transfers from Morocco’s diaspora reached MAD 30.56 billion ($3 billion) at the end of April, according to recent statistics from the Moroccan Foreign Exchange Office.
The number represents a 5.3 % increase from the same period a year earlier, when the remittances from the diaspora were estimated at MAD 29.03 billion ($2.94 billion).
Remittances from the diaspora contribute significantly to Morocco’s economy, with the government seeking more investment from Moroccans of the world.
According to the data website Statista, remittances received in Morocco covered around 5.82% of the country’s GDP in 2020.
10% of money transfers from Moroccans residing abroad were channeled into investment in 2021, Morocco’s Deputy Minister for Investment said in January, adding that around $864 of remittances were invested in the real estate sector.
The Foreign Exchange Office also shared data on foreign direct investment (FDI) in Morocco.
FDI flows to Morocco reached over MAD 6.14 billion at the end of April this year, representing a 5% increase compared to the same period last year.
Meanwhile, direct Moroccan investment abroad stood at MAD 8.17 billion ($828.55 million), declining by 20% compared to the same period a year earlier.
Tourism-related statistics improved significantly in the past few months, according to the statistics. The office said Morocco’s travel receipts exceeded MAD 14.62 billion ($1.48 billion) at the end of April, against MAD 6.54 billion ($663.25 million) only a year earlier.
However, the number declined by 22.1% compared to the same period in 2020 and by 36.3% compared to the first four months of 2019.
The balance of trade in services increased by 72.5% (MAD 9.65 billion or $978.65 million) in the first four months of this year due to a 35% increase in exports (MAD 50.81 billion or $5.15 billion), the Exchange Office noted.
