IDE: Strong Growth in Morocco by the End of October 2025

Foreign Direct Investment in Morocco Shows Strong Growth

The Office of Foreign Exchange has reported a robust increase in foreign direct investments (FDI) in Morocco during the first ten months of 2025, affirming renewed confidence among international investors and the growing attractiveness of the national business climate.

By the end of October, net FDI reached 27.06 billion dirhams, marking a 39.4% increase compared to the same period in 2024 (19.41 billion dirhams). This positive trend is primarily driven by a significant rise in revenues, which stood at 45.4 billion dirhams, up 28.2%. Meanwhile, FDI-related expenditures also rose by 14.5%, totaling 18.33 billion dirhams.

Conversely, Moroccan direct investments abroad (MDI) experienced a notable decline. Their flow was restricted to 4.35 billion dirhams, representing a 39% year-on-year decrease. This downturn is attributed to simultaneous drops in MDI revenues (-21.2%) and expenditures (-26.9%).

Trade Balance: Growing Deficit Despite Sectoral Dynamism

The Office of Foreign Exchange has observed a deepening trade deficit, which has reached 296.95 billion dirhams, a 19.6% increase from 2024. Imports grew by 9.4%, totaling 682.15 billion dirhams. This increase is driven by several categories of products:

• Finished equipment: +15.2%
• Finished consumer goods: +12.7%
• Raw materials: +36.9%
• Semi-finished products: +6.4%

Food imports also rose by 3.8%, translating to an increase of 2.88 billion dirhams. In contrast, the energy bill decreased by 4.4%, mainly due to falling prices for diesel and fuel supplies (-16%), despite an increase in imported quantities (+8.1%).

Exports: Moderate Growth with Sectoral Disparities

Moroccan exports increased by 2.6%, reaching 385.2 billion dirhams, resulting in a gain of 9.81 billion dirhams over the year. Among the sectors that saw growth are:

• Phosphates and derivatives: +16.7% (80.60 billion dirhams)
• Aeronautics: +8.3% (23.65 billion dirhams)
• Agriculture and agro-food: +1.1% (71.31 billion dirhams)

Conversely, some sectors have recorded declines.

Service Trade: Strong Dynamics in Travel Sector

The services balance surplus improved by 10.2%, reaching 129.19 billion dirhams. The travel sector remains the main driver of this performance, with a surplus of 85.71 billion dirhams, an 18.5% increase.

• Tourism revenues: 113.26 billion dirhams (+16.7%)
• Travel expenditures: 27.54 billion dirhams (+11.5%)

Migrant Remittances: Stability Amid International Context

Remittances from Moroccans residing abroad (MRE) stood at 102.93 billion dirhams, showing almost no change compared to 2024 (101.41 billion dirhams).

The marked growth in FDI in 2025 confirms the ongoing trust dynamic from foreign investors towards Morocco and its structural attractiveness. Despite a rising trade deficit, sectoral performances, the resilience of services, and the strength of MRE transfers bolster the country’s economic stability.