Morocco’s trade deficit shrunk 23.1% as the pandemic lowered both imports and exports with tourism being the worst hit sector. Tourism revenues dropped 53.8% to 36.3 billion dirhams from 70.7 billion dirhams in 2019 when Morocco received 13 million people. Imports bill dropped 14% thanks in particular to lower energy imports and fewer equipment imports highlighting a slide in demand by Moroccan manufacturers and a slowdown of economic activity.
Cars and their components accounted for 27% of Morocco’s exports, followed by phosphates and byproducts with 19%. Remittances from Moroccans living abroad showed resilience standing at $7.54 billion (nearly 68 billion dirhams), up 5%. The number shows a high degree of stability in terms of the money transfers by Moroccans living abroad (MREs) despite the COVID-19 crisis.