In 2019, travel earnings reached a record of MAD 78.8 billion (MMDH), after the MMDH 73 billion recorded one year earlier, according to the Foreign Exchange Office.
According to a geographical breakdown of these earnings, France was the leading travel income-generating country in 2019 with MAD 25.7 billion, representing a share of 32.6%, according to the Office in its annual report on Morocco’s Balance of Payments and International Investment Position.
Spain comes next with MAD 6.68 billion, followed by the United Kingdom (MAD 6.31 billion), the report notes, stating that Saudi Arabia is the leading Arab country in terms of travel receipts (MAD 2.78 billion).
As for expenses, they increased significantly, from 18.6 MMDH in 2018 to 20.9 MMDH in 2019, while in 2008, these expenses reached only 8.5 MMDH.
In 2019, travel expenses are mainly composed of tourism expenses (55%), followed by school fees (25.4%), then religious trips (9%), notes the Office.
The structure of services earnings by component remained stable in 2019. Thus, the share of travel earnings in the total earnings of services stabilized at 42%, followed by transport earnings (stable at 19%).
According to the report, services revenue reached 186.3 MMDH in 2019 against 174.9 MMDH in 2018, representing an increase of 6.5% or +11.4 MMDH, combined with a slight decrease in expenses by 0.7% or 0.7 MMDH.
Thus, the surplus balance of services shows a significant improvement of 15.9% or +12.1 MMDH, according to the same source.