Morocco’s trade deficit widened 20.8% year-on-year to 160 billion dirhams ($17 billion) in the first five months of 2026 as rising imports outpaced export growth, but robust remittances from Moroccans living abroad and higher tourism receipts helped offset pressure on the country’s external accounts.
Imports rose 11.8%, compared with export growth of 5.8% to 211 billion dirhams, according to data from the Foreign Exchange Office.
Despite the widening trade gap, inflows of hard currency remained strong. Remittances from Moroccans abroad rose 8.8% to 50.2 billion dirhams by the end of May, while tourism receipts increased 14.3% to 53.7 billion dirhams.
The remittance figures reinforce expectations that transfers from the Moroccan diaspora could reach a new record this year, after hitting an all-time high of 122 billion dirhams in 2025.
Bank Al-Maghrib has forecast further growth in 2026, underlining the strategic importance of diaspora transfers for financing Morocco’s external position.
The central bank had said it launched talks with France to protect remittances and plans similar outreach with Italy, Netherlands, Spain and Belgium following regulation adopted by the EU after Brexit.
