Morocco’s trade deficit has decreased by 1%, reaching 117.089 billion dirhams (MMDH) in the first five months of 2024, compared to 118.26 MMDH during the same period in the previous year, according to the Office des Changes.

This improvement is attributed to a 2.3% rise in merchandise imports, which totaled 308.821 MMDH by the end of May 2024. Simultaneously, exports experienced a 4.4% increase, amounting to 191.731 MMDH, as detailed in the latest monthly report on external trade indicators from the Office des Changes.

However, the service sector saw a 6% decline in the services balance surplus, which stood at 49.146 MMDH, down from 52.273 MMDH at the end of May 2023. This decrease is due to a 14.2% increase in service imports, which outpaced the 4% growth in service exports.