41.8% increase in remittances from MRE in Q1-2021

Remittances made by Moroccans living abroad (MRE) increased by 41.8% for the first three months of this year, according to the Foreign Exchange Office. These transfers thus amounted to more than 20.89 billion dirhams (billion dirhams) at the end of last March against 14.73 billion dirhams during the same period a year earlier, specifies the Office in its recent bulletin on foreign trade indicators.

This bulletin also indicates that the balance of trade in services shows a surplus down 48.9% to 11,457 MDH in the first quarter of this year, following the decline in exports more accentuated than that of imports.

Indeed, exports stood at MAD 28.27 billion at the end of March 2021, down 34.9%. 78.4% of this drop can be explained by the drop in travel receipts, the main component of service exports. At the same time, imports of services fell by 20.1%. Thus, travel receipts amounted to nearly 5.32 billion dirhams at the end of March 2021, down 69.1%. Likewise, travel spending fell by 47.6%, said the Foreign Exchange Office, noting that the travel balance surplus is thus falling by 76%.

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