Decrease in Morocco's Trade Deficit by 7% Thanks to Tourism Revenues

The Moroccan Foreign Exchange Office announced in a monthly report that "the trade deficit in Morocco decreased by 7.3% year-on-year in 2023 to 286 billion dirhams, equivalent to 28.6 billion dollars, due to rising tourism revenues and a decline in energy imports." The Foreign Exchange Office clarified that "total imports fell by 2.5% year-on-year to 715 billion dirhams, while exports increased by 0.2% to 429 billion dirhams," adding that "remittances from Moroccans abroad and automotive industry exports also contributed to the improvement of the trade deficit." Tourism revenues also surged to unprecedented levels, climbing by 11.7% year-on-year to 104 billion dirhams, and Morocco welcomed an unprecedented number of 14.5 million visitors last year.