Morocco’s car exports jump 39% in first quarter 2021
Morocco’s car exports rose 39% to 22.6 billion dirhams in the first quarter this year, topping all industrial sales as the country’s trade deficit shrinks 11.2% during the same period.
The improvement in the trade deficit is actually reflective of a drop in demand by Moroccan manufacturers as a result of the slowdown in key European markets.
Imports, however, continue to outstrip by large exports. In the first quarter Morocco imported 122.4 billion dirhams and exported 77.2 billion dirhams.
As the crisis bites impacting the living of millions in Morocco, family solidarity increases. This can be seen in the rise in remittances by Moroccan expatriates which by the end of March stood at 20.8 billion dirhams, up 41.8%.
Tourism continues to bear the brunt of coronavirus restrictive measures and travel bans. Travel receipts plummeted by 70% to 5.3 billion dirhams.
The government has extended until June an aid package that includes stipends for workers in most hit tourism businesses.