Morocco’s unemployment rate increased to 13% in 2023 from 11.8% in 2022, exacerbated by the country’s sixth consecutive year of severe drought impacting the primary sector. Meanwhile, Morocco’s annual trade deficit decreased by 7.3% to USD 28.6 bln in 2023, mainly driven by lower energy imports and higher tourism revenue. The trade balance also benefited from increased remittances and automotive exports, with imports falling by 2.5% and exports slightly rising by 0.2%.