Moroccans abroad send record 103bn DH home in 2026
Morocco's forex office says remittances from Moroccans abroad hit a record 103.06 billion dirhams in nine months, even as the trade deficit widened to 323.94 billion dirhams on a soaring energy bill.
Remittances from Moroccans living abroad jumped to 103.06 billion dirhams in the first nine months of 2026, up 11.3% from the same period in 2025 — the first time the figure has crossed 100 billion dirhams over this nine-month window, according to Foreign Exchange Office (Office des Changes) data reviewed by Hespress.
The record comes as Morocco's trade deficit widens sharply, reaching 323.94 billion dirhams by the end of September, up 25.4% from 258.28 billion a year earlier — its highest level since 2022. The widening is driven mainly by a 37% jump in the energy bill, to 111.60 billion dirhams, pushed mostly by a 47.5% rise in fuel prices rather than import volumes, which grew only 2.4%.
Exports, meanwhile, kept growing, up 10.7% to 384.05 billion dirhams, led by the automotive sector, still the top export earner at 132.11 billion dirhams, followed by electrical wiring harnesses at 51.51 billion. Imports nonetheless kept growing faster than exports, pulling the coverage ratio down from 57.3% to 54.2%, while shipping costs to Moroccan ports add further pressure on the import bill.
Other inflows ease the deficit's impact
Alongside remittances, travel receipts rose 12.1% to 115.26 billion dirhams, while foreign direct investment inflows jumped 21.8% to 53.44 billion dirhams, with net flows up 58.4% to 35.25 billion — a sign of sustained foreign investor confidence in a Morocco that recently overtook South Africa in investment-attractiveness rankings. Combined, these inflows kept the overall current account deficit (goods and services) to 152.92 billion dirhams, versus a goods-only deficit of more than 323 billion.
| Indicator | 9M 2025 | 9M 2026 | Change |
|---|---|---|---|
| Imports (bn DH) | 605.35 | 707.99 | +17% |
| Exports (bn DH) | 347.08 | 384.05 | +10.7% |
| Trade deficit (bn DH) | 258.28 | 323.94 | +25.4% |
| Coverage ratio | 57.3% | 54.2% | -3.1 pts |
| Expat remittances (bn DH) | 92.60 | 103.06 | +11.3% |
The figures confirm that Morocco's economy continues to rely on the trio of diaspora remittances, tourism receipts and foreign investment to finance a trade deficit mostly tied to the imported energy bill, while industrial exports — automotive chief among them — remain the main lever for improving the Kingdom's external trade balance.