Report: Moroccan remittances decline, trade deficit shrink

(MENAFN) According to the latest bulletin released by the Exchange Office, remittances from Moroccans residing abroad experienced a slight decline in March 2024, totaling 27.44 billion dirhams compared to 27.55 billion dirhams in the same period the previous year, marking a decrease of 0.4 percent. These figures provide insights into the monthly indicators of foreign exchanges, reflecting a nuanced trend in the country's economic landscape.

The bulletin further delineated a notable shift in the balance of services exchanges, which decreased by 11.6 percent to 29 billion dirhams. This decline was attributed to a substantial increase in services imports by 17.6 percent, surpassing exports by 2.2 percent. Particularly, travel revenues witnessed a decline, amounting to 23.72 billion dirhams by the end of March 2024, compared to 24.99 billion dirhams in the corresponding period of the previous year. Concurrently, travel expenses rose to 7.73 billion dirhams, resulting in a surplus in the travel balance of 15.99 billion dirhams by the end of March.

Meanwhile, the Exchange Office reported a significant development in Morocco's trade dynamics, with the trade deficit shrinking by 14.6 percent to 61.9 billion dirhams in the initial three months of the year. This contraction in the deficit was primarily driven by a decrease in energy imports and a concurrent increase in exports within the automobile sector. The office elaborated that imports experienced a 4 percent decline compared to the previous year, reaching 175.4 billion dirhams, while exports registered a 3 percent increase, totaling 113.5 billion dirhams.

This comprehensive overview provided by the Exchange Office underscores the intricate interplay of various economic factors shaping Morocco's financial landscape. From remittance patterns to trade dynamics, the report offers valuable insights into the country's economic performance and highlights both challenges and opportunities for future growth and stability. 

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