Morocco has collected over MAD 16.97 billion in Foreign Direct Investment (FDIs) in the first eleven months of 2021, equating to $1.8 billion. The amount recorded an increase of 13.9% compared to the same period a year earlier, according to the exchange office.
This growth is attributable to a 10.2% increase in overall revenue, amounting to MAD 27.27 billion ($ 2.9 billion), greater than that of expenditure which has reached MAD 10.3 billion, or $ 1.1 billion in 2021.
The country’s trade deficit rose 26.4% year-on-year to $20.3 billion at the end of November 2021, according to the report released by the bureau.
The deficit was the result of an accelerated growth in imports, which rose 24% while exports increased 22.5%.
The report said that the coverage rate of exports and imports was 61.8%. A significant contributor to this spike is the energy bill, which noted a 49.3% increase in the first 11 months of 2021.
Moroccans living abroad (MREs) have also significantly increased their remittances to the country to reach more than MAD 86.48 billion ($9.3 billion) at the end of November 2021.
This amount, listed as one of the highest in North Africa and the Middle East region (MENA), was at its then highest back in 2020, peaking at MAD 61.29 billion ($6.6 billion).
The transfers are up 41.1%, MAD 25.187 billion to be exact ($ 2.7 billion). The Office’s bulletin also reports a surplus in the balance of trade in services, which increased an approximate 6%, reaching over MAD 59.94 billion ($ 6.4 billion).
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