The remittances of Moroccan expatriates increased to more than 105.46 billion MAD during the first 11 months of 2023, marking a 4.4% rise year-on-year, according to Morocco’s Exchange Office.
The balance of trade in services furthered the surplus by 19.6%, reaching 124.63 billion MAD.
The office attributed this increase to a 17.5% rise in exports to 238.62 billion MAD, more than double the value of imports (114 billion MAD, up by 15.3%).
Travel receipts amounted to 97.4 billion MAD as of the end of November 2023, showing a 15.8% increase year-on-year. Travel expenses reached 22.15 billion MAD.
The surplus in the travel balance was extended to 75.25 billion MAD by the end of November 2023, compared to 66.63 billion MAD year-on-year.