Tourism revenue, Morocco heads towards new record

Morocco’s tourism sector is growing at a steady pace breaking all records. Already in the first ten months this year, the number of tourists visiting the country surpassed last year’s level which was a record. In the eleven months this year, Morocco reached a new milestone in terms of revenue.

Tourism revenue grew 7.2% to 104.5 billion dirhams ($10.5 bln) in the January-November period, almost equal to last year’s level.

A similar trend was reported in remittances which grew to a record 108 billion dirhams during the same period.

Vital to replenish Morocco’s foreign exchange reserves, foreign direct investments spiked 182.9% to 23.8 billion dirhams.

Overall, the trade deficit deepened 6.5%, as Morocco buys more equipment amid an investment and construction push.

Most Moroccan exports were in the automotive sector with 145 billion dirhams, followed by phosphates and derivatives at 75.2 billion dirhams and agrifood products at 78 billion dirhams.

The automotive sector’s exports also grew 17% to 24.3 billion dirhams.