The Office des Changes’ monthly report on foreign trade indicators, released on Monday, July 30, has revealed a remarkable upswing in Morocco’s tourism sector.
According to the report, tourism revenues experienced a substantial increase of 68.9 percent during the stated period when compared to the same timeframe last year.
In contrast, the comparable periods of 2020 and 2021 were marred by declining revenues, recording MAD 21 billion ($2.1 Billion) and MAD 9 billion ($914.4 million), respectively. The surge in tourism earnings this year has been a much-awaited relief for the sector, indicating a potential recovery from the challenges it faced due to the global pandemic.
Following the meeting of its Council in June this year, Bank Al-Maghrib, the central bank of Morocco, expressed an optimistic outlook for the tourism industry. It anticipated a growth rate of 14.9 percent in travel revenues for the entire year, which would amount to an impressive total of 107.6 billion dirhams.
The recent surge in tourism revenues aligns with Morocco’s comprehensive plan to revitalise its tourism sector.
The country’s ambitious plan aims to attract a staggering 17.5 million tourists by the year 2026. Such an influx of tourists is expected to have a cascading effect on the economy, generating approximately 200,120 direct and indirect jobs across various industries.
Moreover, the Moroccan government has set an ambitious target of achieving MAD 93 billion ($9.4 billion) in hard currency revenues for the sector by the end of this year, the Moroccan State Media reported. This target is a significant leap from the previous year’s revenue figures and showcases the country’s commitment to bolstering its tourism industry further.
Morocco’s Trade Balance Deficit
In addition, the Office des Changes revealed a positive development for Morocco’s economy as the country’s trade balance deficit showed signs of improvement. The deficit narrowed as the import bill declined, leading to a reduction in the trade gap. According to the report, the import bill fell by 1.6 percent to reach 359.55 billion dirhams, while the export bill saw a 1.9 percent increase, reaching 221.34 billion dirhams.
One of the key highlights of the report was the increase in exports, which contributed to the improvement in the trade balance. The performance of various sectors contributed to this growth, with the automotive sector leading the way, experiencing an impressive sales surge of 34.3 percent.
The electronics and electricity sector also displayed substantial growth, recording a 33.3 percent increase in exports. Additionally, the textiles and leather sector performed well, showing a commendable 13.6 percent increase in exports.
The rise in exports played a crucial role in bolstering the country’s trade balance. The coverage rate of imports by exports reached 61.6 percent in the first six months of the year, a significant improvement from the 59.4 percent recorded during the same period last year. This indicates a higher level of self-sufficiency and a reduced dependency on imports.
