Morocco heads towards new tourism revenue, remittances record in 2024

In the first ten months this year, tourism revenue and remittances from Moroccans abroad steadily increased on the way to break last year’s record.

Tourism revenue grew to $9.7 billion, while remittances from Moroccans living abroad reached nearly $1 billion, auguring well for the country’s foreign exchange reserves, currently covering 5.5 months of import needs.
Foreign direct investments also increased by 23% to 3.33 billion dollars.

However, higher imports of consumer goods and finished products kept the trade deficit at 25 billion dollars, up 5.2% from the same period last year.

Energy imports dropped to 9.5 billion dollars, due to lower import volumes of all sorts of fuels and lower prices.

The automotive industry led Morocco’s exports at 13.1 billion dollars, while phosphates and derivatives’ exports stood at 6.8 billion dollars, up 12.5%.