Moroccan expatriates’ remittances rise to 111.5 billion dirhams

Morocco’s Foreign Exchange Office reported that remittances from Moroccans living abroad reached 111.53 billion dirhams by the end of last November, compared to 109.8 billion dirhams over the same period a year earlier.

In its monthly bulletin on external trade indicators, the Office said these transfers recorded a year-on-year increase of 1.6%.

The report also noted a 22.4% rise in the trade deficit, which widened to 328.8 billion dirhams, driven by higher imports of goods, up 9.2% to more than 725.34 billion dirhams, as well as an increase in exports, which rose 1.8% to approximately 423.54 billion dirhams.

As for the services balance, the same source indicated that it posted a surplus that grew by 15.1%, exceeding 147 billion dirhams, reflecting an increase in imports of services, up 7.8% to 138.98 billion dirhams, and exports, which climbed 11.4% to 285.9 billion dirhams.