At the start of 2026, the latest statistics published by the Office des Changes highlight exchanges outside of double speed. While the Kingdom's balance of payments benefits from dynamism transfers from Moroccans living abroad (MRE) and an activity tourism is booming, but it remains weakened by the worsening of the trade deficit.

In its monthly indicators covering the top eleven In 2025, the Office des Changes highlights the central role of financial flows MREs, which continue to be a pillar of stability macroeconomic. At the end of November, these transfers reached a cumulative amount of 111.53 billion dirhams, up 1.6% compared to 109.8 billions recorded during the same period in 2024. This high level confirms the consistency of the Moroccan diaspora and its decisive contribution in liquidity, playing a key role as an economic and social shock absorber.

At the same time, tourism is emerging as a driver of major growth. Travel revenue has increased spectacular, standing at 124.14 billion dirhams, an increase of 18.7% year-on-year, compared to 104.54 billion a year earlier. Although travel expenses also increased by 12.7%, for reaching 30.15 billion dirhams, the balance of the travel balance was significantly improved. The surplus now exceeds MAD 93.98 billion, showing an increase of 20.8%.

The combined effect of these performances is reflected in the overall surplus in the balance of services, which reached 147 billion Dirhams, up 15.1%. This contribution is crucial for compensate, at least partially, for the deterioration of the trade balance goods.

Indeed, the trade deficit widened significantly to at the end of November 2025, to reach 328.8 billion Dirhams, or worsening by 22.4% over one year. This evolution is mainly explained by a sustained increase in imports, up by 9.2% to settle at 725.34 billion dirhams, while exports increased only modestly, by 1.8%.