Morocco diaspora remittances increase to US$9.95bn in 2021

MOROCCO – Remittances from members of the Moroccan diaspora reached MAD 93.3 billion (US$9.95 billion) at the end of December 2021 compared to MAD 68.18 billion (US$7.27 billion) a year earlier.

Money transfers from Moroccan diaspora members experienced an increase of 36.8% or MAD 25.07 billion (US$2.67 billion) in 2021 according to Morocco Exchange Office.

The figures show that the far-reaching socio-economic consequences of the Covid-19 crisis did not have a negative impact on money transfers from diaspora citizens.

The crisis did not succeed in deterring Moroccans from contributing to the country’s economy with regular financial assistance to their families, loved ones, and investment.

In 2021, the flow of remittances from the country’s diaspora represented 7.4% of Mor Moroccan GDP, according to a recent report from the World Bank.

Mouhcine Jazouli, Morocco’s Deputy Minister for Investment, said in January that 10% of money transfers from Moroccans residing abroad were channeled towards investment last year.

The minister added that US$864 million went to the real estate sector, while US$216 million were invested in other productive sectors.

This money contributes to the social housing program that has seen over 400,000 units built since its adoption in 2010.

In addition to remittances, Morocco’s balance of trade in services also experienced a slight increase of 0.3% in December 2021 amounting to more than MAD 64.16 billion (US$6.84 billion), according to the Office’s latest data.

Exports and imports have also improved by 6% to stand at MAD 139.018 billion (US$14.83 billion) and 11.4% to reach MAD 74.885 billion (US$7.99 billion) respectively.

Morocco’s automobile export hits US$8.9 billion in 2021

Meanwhile, Morocco’s automobile export has reached US$8.9 billion representing an increase of 15.9% compared to 2020, according to Moroccan Exchange Office.

The office attributed the increase to rising sales in the construction segment (+35.2%) combined with a drop in wiring (-1.9%), and vehicle interiors and seats (-3.1%).

The office’s statistics suggest that the indicators also show that the number of passenger cars exported increased by 18.6% to 358,745 cars at the end of December 2021.

Morocco’s automotive industry is one of the sectors that contribute considerably to the country’s economy.

Liked this article? Subscribe to DealStreet Africa News, our regular email newsletter with the latest news, deals, and insights from Africa’s business, economy, and more. SUBSCRIBE

Other Recent Posts

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.