Despite a slight decrease in imports, Morocco’s trade deficit expanded by 61.6% to 138 bln dirhams (USD 14 bln) in H1 2023. While imports contracted by 1.6% YoY, the decrease was overshadowed by exports, which only grew 1.9%. The cost of energy imports decreased by 14.8%, and wheat imports fell by 0.7%. On a positive note, tourism revenue grew by 68.9%, and remittances from Moroccans abroad, a crucial source of hard currency, increased by 14%, while FDIs fell by 29.2%.