Morocco’s Expat Remittances Up 4% to $ 11.5 Billion in 2023

3 February 2024
Morocco’s Expat Remittances Up 4% to $ 11.5 Billion in 2023

Rabat – According to the Foreign Exchange Office, remittances from Moroccan expatriates reached nearly 115.15 billion dirhams ($11.5 billion) in 2023, marking a 4% increase compared to 2022.

The Office’s monthly indicators of foreign trade also highlighted a notable surge in the balance of trade in services, recording a surplus of 16.3% to 134.69 billion dirhams last year.

This performance was primarily driven by a significant increase in exports, which rose by 15.8% to 260.66 billion dirhams (compared to 225.14 billion dirhams in 2022). Imports also experienced growth, reaching 125.97 billion dirhams compared to 109.33 billion dirhams, reflecting a 15.2% increase.

These figures underscore Morocco’s robust economic activity and its continued reliance on remittances from expatriates as well as the positive trajectory of its trade balance in services.

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