Morocco FX Analytics · Current account
The current account of the balance of payments (BPM6) goes beyond merchandise: it includes services (tourism), income and remittances from Moroccans living abroad. The resulting balance — surplus or deficit — is the key indicator of Morocco's external position.
Waterfall: starting from the goods balance, adding each component · billions MAD · balance of payments basis (≠ customs trade deficit)
Positive items (services, secondary income) and negative items (goods, primary income) · line = current account balance · Bn MAD
In 2025 (provisional), the current account balance stood at −42.0 bn MAD, versus −19.6 bn in 2024 (widening by 114%).
2014Q1 to 2026Q2 · data recency and seasonality (tourism boosts services in summer) · Bn MAD
In 2026Q2, the quarterly current account balance stood at −26.7 bn MAD.
The current account over time · Bn MAD
The long series covers 46 years (1980–2025 (provisional)), source: balance of payments (Office des Changes, BPM6 standard).
In 2025 (provisional), the goods deficit reached 311.1 bn MAD (balance of payments). Services generated a 157.7 bn surplus, bringing the current account balance to −42.0 bn.
Below the average 2014–2025 (−35.2).