The remittances of Moroccan expatriates amounted to nearly 100.29 billion MAD, by the end of October 2024, up from MAD 96.51 billion during the same period last year, according to Morocco’s foreign exchange regulator.
The Office’s latest monthly report on foreign trade indicators showed a 3.9% rise in remittances, amounting to an additional MAD 3.78 billion compared to the first ten months of 2023.
The report also noted a 1.2% decline in the services balance surplus, which stood at MAD 111.26 billion. This decrease was driven by a 16.6% jump in service imports, which outpaced the 7.3% growth in service exports.
Travel-related revenues climbed to MAD 96.62 billion by October 2024, compared to MAD 88.63 billion last year. At the same time, travel expenditures increased by 20%, reaching MAD 24.68 billion. As a result, the travel surplus improved by 6.1%, totaling MAD 72.24 billion by the end of October 2024.