Remittances from Moroccans living abroad amounted to about MAD54 billion in July, compared to MAD37 billion in the same period of last year.
The increase of MAD45 billion shows that remittances are still increasing despite the repercussions of the COVID-19 pandemic on the global economy.
Remittances from Moroccans residing abroad continue to increase. In the first seven months of 2017, they did not exceed MAD35 billion, and in 2018 they amounted to MAD37.7 billion, and MAD37.4 billion at the end of July of the year 2019, according to the Moroccan Foreign Exchange Office.
It is expected that the remittances of Moroccans living abroad will achieve about MAD71.9 billion at the end of this year, compared to MAD68 billion in 2020, according to the Bank Al Maghrib.
The exchange office reported that foreign trade exports in the first seven months of this year amounted to about MAD174 billion, an increase of nearly 23 percent compared to the same period last year.
The increase in exports was in the automotive sectors, by MAD46.4 billion, and phosphates by MAD37.5 billion for textiles and leather. But aeronautical sector exports decreased by 3.8 percent.
As for imports, they amounted to about MAD291 billion at the end of last July, compared to MAD241 billion last year, which represents an increase of 21 percent compared to what was achieved at the end of July 2020.
This caused a deficit in the Moroccan trade balance of 18 percent, reaching MAD117.3 billion after it was in the range of MAD99.5 billion at the end of July last year.
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