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.
All values follow BPM6 (IMF Balance of Payments Manual, 6th edition). The BPM5 methodology, also published by the Office des Changes, is never mixed here.
The balance-of-payments goods balance (FOB/FOB, BPM6) differs from the customs trade deficit (CIF imports − FOB exports) shown on the Trade and Pressure pages: different bases, not addable.
SECONDARY INCOME carries the bulk of remittances from Moroccans living abroad (MRE); SERVICES carry tourism (the 'Travel' item).
From the goods deficit to the current account balance — 2025
Waterfall: starting from the goods balance, adding each component · billions MAD · balance of payments basis (≠ customs trade deficit)
Annual current account breakdown — 2014 to 2025
Positive items (services, secondary income) and negative items (goods, primary income) · line = current account balance · Bn MAD
Current account balance — quarterly view
2014Q1 to 2026Q1 · data recency and seasonality (tourism boosts services in summer) · Bn MAD
Current account balance — long series from 1980
The current account over time · Bn MAD
See also: the dirham pressure score (the same equilibrium, read from the FX market side) · the glossary (current account, BPM6, primary/secondary income).