Casablanca– In January 2024, Moroccan remittances from abroad amounted to approximately 9.2 billion Moroccan Dirhams (approximately $0.94 billion USD), reflecting a slight decline of 2.6% compared to January 2023. The Office des Changes reported these figures in its latest monthly report on external trade indicators.

Despite the decrease in remittances, Morocco maintained a stable surplus in its trade balance of services, which stood at approximately 10.45 billion MAD (approximately $1.08 billion USD) during January 2024, marking a decrease of 2.4% compared to the same month in the previous year.

The surplus in the trade balance of services offset a rise in imports by 10.7% to reach approximately 10.41 billion MAD (approximately $1.07 billion USD). Conversely, exports experienced a moderate increase of 3.7% to reach approximately 20.87 billion MAD (approximately $2.15 billion USD).

The travel balance surplus decreased to approximately 5.83 billion MAD (approximately $0.60 billion USD), reflecting a decline in revenues by 10.5% to approximately 7.71 billion MAD (approximately $0.80 billion USD) and expenses by 2.9% to approximately 1.88 billion MAD (approximately $0.19 billion USD).

A notable shift was observed in exports within the agricultural and agri-food sector, which declined by 1.2% to approximately 8.43 billion MAD (approximately $0.87 billion USD). This decrease was primarily attributed to contractions in the food industry by 3.4%, agriculture, forestry, and fishing by 0.6%.

Exports in the aviation sector, however, experienced a significant increase, reaching over approximately 1.89 billion MAD (approximately $0.19 billion USD) in January 2024, marking a 23% rise compared to the same period in the previous year.

Moreover, phosphate and its derivatives exports saw a notable upturn, increasing by 17.5% to approximately 6.2 billion MAD (approximately $0.64 billion USD).

In the automotive sector, exports grew by 8.3% to approximately 10.84 billion MAD (approximately $1.12 billion USD).

Overall, while remittances experienced a slight decline, Morocco’s trade dynamics showcased resilience and adaptability across various sectors, contributing to the country’s economic stability in January 2024.