Casablanca – Remittances sent by Moroccans residing abroad (MRE) have continued their upward trajectory, surpassing $11.2 billion by the end of November 2024. This marks a 2.8% increase from the same period last year, according to the latest data released by the Office des Changes.

As of November 2024, these transfers amounted to $11.2 billion, compared to $10.9 billion during the same period in 2023. This increase of $308 million highlights the vital role that remittances play in supporting Morocco’s economy, especially in terms of strengthening the purchasing power of households.

The trend of growth in MRE transfers remains strong, with a significant 77% increase from the 2020 figure of $6.3 billion. In 2023, these remittances rose by 4% to exceed $11.8 billion for the entire year.

Continued growth expected

Looking ahead, the trend is set to continue. Bank Al-Maghrib’s projections for the year indicate that remittances will grow by 4.3% by the end of 2024, reaching an estimated $12.2 billion. Over the next few years, the annual growth rate is expected to stay between 3% and 3.5%, potentially reaching $13.2 billion by 2026.

Tourism receipts also show positive growth

In addition to remittances, Morocco has seen a positive performance in its tourism sector. Travel receipts, which include spending by foreign visitors, reached $10.8 billion by the end of November 2024, up 7.2% from $10.1 billion during the same period in 2023.

On the other hand, travel expenditures by Moroccans abroad saw a notable rise of 20.2%, totaling $2.8 billion by the end of November 2024, compared to $2.3 billion the previous year. This increase reflects the growing international mobility of Moroccan citizens.

Travel balance surplus improves

Despite the increase in travel expenditures, Morocco’s travel balance surplus improved by 3.3%, reaching $8.0 billion by the end of November 2024. This improvement comes as travel receipts grew at a faster rate than travel expenditures, contributing to a stronger trade balance in services.

In the broader context of Morocco’s external trade, the services balance recorded a slight decline of 0.5% to $12.7 billion, driven by a larger increase in service imports (+13.8%) compared to exports (+6.3%).

Overall, the data points to a steady and positive economic outlook for Morocco, fueled by both remittances from the diaspora and a healthy tourism sector.