Morocco’s trade deficit decreased by 23.1% as the pandemic cut both imports and exports, with tourism being the hardest hit sector.
Tourism revenue fell 53.8% from 70.7 billion dirhams in 2019 to 36.3 billion dirhams when Morocco received 13 million people.
The import bill fell by 14%, thanks in particular to lower energy imports and fewer equipment imports, indicating a fall in demand from Moroccan manufacturers and a slowdown in economic activity.
Cars and their components accounted for 27% of Moroccan exports, followed by phosphates and by-products with 19%.
Remittances from Moroccans living abroad showed resilience of $ 7.54 billion (nearly 68 billion dirhams), up 5%.
The number shows a high level of stability in terms of money transfers from Moroccans living abroad (MREs) despite the COVID-19 crisis.
Written by North Africa Post
The North Africa Post News Desk is made up of journalists and editors who are constantly working to provide new and accurate stories to NAP readers.
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