Morocco’s Statistics and Forecasts Office (HCP) predicts that trade deficit will drop to 18.4% of GDP in 2024 from 19.5% in the previous year.
This result takes into account the value of exports, which should grow by 5.4% instead of 0.1% in the previous year, according to HCP’s 2025 exploratory economic budget.
The same report noted the pressure is easing on raw material prices on the international market, which should benefit the reduction of the energy bill. Consequently, the evolution of the value of imports should reach 2.8% instead of -2.7% in 2023.
The resource deficit is predicted to decrease from 10.4% in 2023 of GDP to 9.8% of GDP. Given the volatile rate of remittances from Moroccans residing overseas, the current account deficit is expected to decrease from 0.6% of GDP to 0.4% in 2023.
The continuous growth of the tourism sector is likely to favorably impact the steady rate of exports of travel and transportation services in terms of trade in services.
In these circumstances, the amount of goods and services exported should rise by 9%, up from 8% in 2023, and the amount of goods and services imported should climb by 8%, up from 7.4% in 2023.
Therefore, in 2024, net foreign demand’s contribution to economic growth should remain negative by about 0.2%.