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Join on Telegram Casablanca – Remittances from Moroccans living abroad (MREs) totaled more than MAD 38.31 billion ($3.7 billion) by the end of May 2022, up from MAD 36.47 billion ($3.5 billion) the previous year, the Moroccan Foreign Exchange Office reported.
According to the office’s report on monthly foreign trade indicators in May, these transactions are up 5%, +MAD 1.83 billion ($180 million).
At the end of April, money transfers from Morocco’s diaspora totaled MAD 30.56 billion ($3 billion), representing a 5.3% increase from the same period a year earlier.
The office also reported a 78.3% increase in the balance of trade in services last May, totaling more than MAD 30.63 billion ($3 billion), compared to MAD 17.18 billion ($1.6 billion) in May 2021.
This development is attributed to a growth in exports of 44.8% to MAD 67.73 billion ($6.6 billion), which exceeds the 25.3% increase in imports.
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Furthermore, travel revenues in May 2022 topped MAD 12.88 billion ($1.2 billion), compared to MAD 7.44 billion ($732 million) in the same period in 2021.
According to the report, expenditures stood at MAD 5.36 billion ($527 million) at the end of last May, a lower level than what existed in the years preceding the health crisis (MAD 7.94 billion ($781 million) in 2019).
During the same time period, the surplus balance of travel, the largest component of trade in services, increased by MAD 10.82 billion ($1 billion), the Exchange Office added.
