The Office of Foreign Exchange released its latest external trade indicators for 2024, showing notable growth in travel receipts, remittances from Moroccans abroad (MRE), and a widening trade deficit.

Record travel receipts hit 112.5 billion dirhams

Travel receipts reached a record 112.5 billion dirhams in 2024, up 7.5% (+7.81 billion MAD) compared to 2023. Travel expenses surged 22.9% to 29.36 billion MAD. The travel balance improved by 2.9%, exceeding 83.1 billion MAD.

MRE transfers climb to 117.7 billion MAD

Transfers from Moroccans residing abroad surged 2.1%, reaching 117.7 billion MAD in 2024. Foreign direct investment (FDI) flows also jumped 55.4%, totaling 17.23 billion MAD.

Trade deficit grows by 7.3%

Morocco’s trade deficit expanded by 7.3%, hitting 306.47 billion MAD. The rise reflects higher imports (+6.4% to 761.45 billion MAD) and exports (+5.8% to 454.97 billion MAD). Key import increases included equipment (+12.9%), consumer goods (+10.7%), and food products (+2.2%).

Export growth was driven by aerospace (+14.9%), phosphates (+13.1%), automotive (+6.3%), and agriculture (+3.1%).

Aerospace exports reach 26.45 billion MAD

Aerospace exports rose 14.9%, totaling 26.45 billion MAD. The increase was fueled by a 23.6% rise in assembly segment sales (17.23 billion MAD) and a 1.5% boost in Electrical Wiring Interconnection Systems (EWIS) exports (9.1 billion MAD).

Energy bill drops 6.5%

Morocco’s energy bill decreased by 6.5% to 114.04 billion MAD in 2024. The reduction was driven by a 23.2% drop in coal, coke, and solid fuels imports (12.67 billion MAD), with prices down 17.2% and quantities falling 7.2%. Other significant declines included lower imports of petroleum gases and fuel oils.