Travel receipts at more than 36 billion dirhams at the end of July

Travel receipts more than doubled to reach 36.66 billion dirhams (MMDH) for the first seven months of 2022, against 13.13 billion dirhams, a year earlier, according to the Foreign Exchange Office. Compared to the same period of 2020, these receipts increased by 60.8%, specified the Office which has just published its monthly indicators of foreign trade for the month of July, noting that on the other hand, these revenues fell by 11.6% compared to the end of July 2019. Expenditure, meanwhile, stood at 8.51 billion dirhams. This level remains lower than those recorded in 2018 (10.54 billion dirhams) and in 2019 (11.79 billion dirhams), years before the Covid-19 crisis. Thus, the excess travel balance stood at +28.15 billion dirhams at the end of July 2022 against only +8.14 billion dirhams a year earlier. At the end of July 2022, the balance of trade in services showed a surplus up by 65.2% or +20.15 billion dirhams (+51.06 billion dirhams against +30.91 billion dirhams). This increase follows an increase in exports (106.59 billion dirhams against 72.40 billion dirhams, i.e. +47.2% or +34.19 billion dirhams) greater than that of imports (+33.8% or +14.04 MDH).