Rabat, Morocco (TMT)- Morocco’s financial situation as of March 2023 has been reported by the Office of Exchanges. According to the report, the country’s trade balance deficit has increased by 13.5% compared to the same period last year, reaching over 72.62 billion dirhams. However, there is a silver lining as transfers of funds made by Moroccans living abroad have increased by 16% compared to March 2022, reaching nearly 27.11 billion dirhams, which has helped to improve the country’s financial situation.
The report also shows that there has been an increase in the surplus of the balance of services, which has reached more than 17.2 billion dirhams. This increase is due to a significant rise in exports (+56.4% to 60.05 billion dirhams), which is higher than the increase in imports (+19.9% to 26.86 billion dirhams).
Overall, the report indicates that imports have increased by 10.1% to more than 182.17 billion dirhams, while exports have increased by 8% to 109.54 billion dirhams. However, the coverage rate has slightly decreased to 60.1% compared to 61.3% in the same period last year.
While the increase in imports and the trade balance deficit may be concerning, the rise in exports and remittances made by Moroccans living abroad provide some optimism for the country’s financial outlook.
The Moroccan Times.