After the first nine months of 2026, the net flow of foreign direct investment (FDI) exceeded 35.24 billion dirhams, up 58.4% year on year. This figure, published in the monthly bulletin of foreign trade indicators, deserves to be read carefully rather than in isolation.
Receipts linked to these investments rose by 21.8% to reach 53.44 billion dirhams. Over the same period, associated expenditure fell by 15.9% to nearly 18.2 billion. The improvement in the net balance therefore results from two combined movements: a stronger increase in inflows and a contraction in outflows that is now more moderate. This configuration marks a shift from the earlier months of 2026, when the drop in expenditure explained a larger share of the rise in the net flow.
A closer look at inflows and outflows
The net FDI flow is not a measure of “new projects” in the strict sense. It is the difference between receipts (new equity stakes, reinvested earnings, capital contributions) and expenditure (repayments, divestments, repatriated dividends and other outflows). When expenditure falls sharply, the balance improves even if new inflows grow only modestly. At the end of July 2026, for instance, receipts had risen by just 6.3% while expenditure had dropped by 47%. By the end of August, receipts were already up 17% and expenditure down 33.9%. By the end of September, the pace of receipts had accelerated further (+21.8%), while the decline in expenditure had eased (-15.9%).
This trend is positive for the quality of the signal: a larger share of the improvement in the net balance now comes from genuine inflows. It does not yet allow us to conclude that greenfield projects are accelerating across the board. The aggregate statistics from the Foreign Exchange Office do not systematically break down flows by sector or origin in this monthly bulletin. The more detailed data, published with a lag, do show, however, that export-oriented manufacturing sectors continue to account for a significant share of the country’s attractiveness.
As for Moroccan direct investment abroad, the net flow came to around 6.2 billion dirhams, up 3.9 billion year on year. Corresponding expenditure rose by 43% to more than 19.13 billion, while receipts from disposals increased by 16.5% to nearly 13 billion. Morocco thus appears as both a destination and a regional investor, a twofold movement consistent with its strategy of integration into African and Mediterranean value chains.
The broader external context
These investment flows come against a deteriorating trade backdrop. The trade deficit reached 323.94 billion dirhams at the end of September 2026, up 25.4% year on year. Goods imports rose by 17% to nearly 708 billion, while exports increased by 10.7% to 384.05 billion. The energy bill contributed heavily to this deterioration: it stood at 111.59 billion dirhams, up 37%. According to analyses of the Foreign Exchange Office data, this increase is mainly explained by prices rather than volumes, notably for gas oils and fuel oils.
Two important cushions nonetheless continued to play their part. Remittances from Moroccans living abroad exceeded 103 billion dirhams, up 11.3%. The “Travel” balance reached nearly 88.3 billion, up 13.4%, thanks to tourism receipts of around 115.26 billion (+12.1%). The services surplus itself grew by 14.8% to 135.8 billion. Together, these flows help offset part of the trade deficit and support foreign exchange reserves.
Key figures at the end of September 2026 (Foreign Exchange Office)
- Net FDI flow: 35.24 billion dirhams (+58.4%)
- FDI receipts: 53.44 billion (+21.8%)
- FDI-related expenditure: around 18.2 billion (-15.9%)
- Net flow of Moroccan investment abroad: around 6.2 billion (+3.9 billion)
- Trade deficit: 323.94 billion (+25.4%)
- Remittances from Moroccans abroad: more than 103 billion (+11.3%)
The industrial engines behind Morocco’s attractiveness
The automotive and aerospace industries illustrate the transformation under way. Automotive exports reached 132.11 billion dirhams over the first nine months of 2026, up 14.3%. The sector now accounts for a dominant share of foreign sales and contributes strongly to export growth. Aerospace grew by 22.3% to 26.21 billion dirhams. These performances rest on ecosystems already structured around Renault, Stellantis, Safran, Boeing and other suppliers, with local integration rates that have risen over the years.
Recent announcements confirm that new facilities keep coming. Aerospace projects announced in recent months total more than 500 million euros, notably in engine systems, wiring and surface treatments. These investments reflect a drive to move up the value chain and diversify the product segments made locally. They are not immediately and fully reflected in the monthly FDI statistics, because the flows recorded by the Foreign Exchange Office depend on the timing of payments and the legal forms chosen.
Morocco has also climbed in continental attractiveness rankings. According to Rand Merchant Bank’s “Where to Invest in Africa” report, the country overtook South Africa to rank as the fourth most attractive destination on the continent. This recognition rests notably on the strength of its export-oriented industrial platform, the relative quality of its logistics infrastructure (Tanger Med in particular) and the continuity of its policy of welcoming investment.
Strategic stakes and outlook
The rise in net FDI flows comes within the framework of the Investment Charter that took effect in 2023 and the New Development Model. The stated objective is to increase the share of private investment in the national total. In recent months, the national investment commissions have approved several dozen projects, worth a cumulative several tens of billions of dirhams, with a heavy weighting towards automotive, renewable energy, tourism and aerospace.
The question is not only the volume of incoming capital, but its contribution to local value added, skilled employment and the gradual reduction of dependence on imported energy and raw materials. The widening trade deficit, largely linked to the energy bill and sulphur prices, is a reminder that gains in industrial exports do not yet fully offset external price shocks. Investments in port and energy infrastructure, such as the Nador West Med project, are aimed precisely at strengthening logistical and energy resilience over the medium term.
Rising Moroccan investment abroad reflects another dimension: that of a country that is starting to export not only goods and services, but also capital and business models, particularly towards Africa. This trend is consistent with its regional ambitions, but it also implies risks and a need to monitor profitability and governance.
The 58.4% rise in the net FDI flow at the end of September 2026 is real and now rests on stronger momentum in receipts. It confirms Morocco’s industrial attractiveness in a difficult external environment. It does not, however, remove the need for a careful reading of the composition of flows, the pace of industrial transformation and the country’s capacity to absorb external price shocks. The next Foreign Exchange Office bulletins, along with more granular data on projects and the origins of investment, will show whether this trend is consolidating or remains dependent on one-off movements in expenditure.
Frequently asked questions
Why has the net FDI flow risen so sharply while the trade deficit is widening?
The net FDI flow measures capital movements linked to investment, not the trade balance. The two indicators follow separate logics. FDI receipts and remittances from Moroccans abroad help finance the trade deficit without erasing it.
Is the increase mainly due to new projects or to lower outflows?
Both. Receipts rose by 21.8%, reflecting larger inflows. The drop in expenditure (-15.9%) also contributed, but less strongly than in the earlier months of 2026.
Which sectors mainly drive current attractiveness?
Automotive and aerospace are the most visible in export statistics. Recently approved projects also cover energy, tourism, logistics and other manufacturing industries.
Is the data final?
The Foreign Exchange Office’s monthly indicators are provisional and may be revised. The trends observed since the start of 2026 have, however, been consistent from one month to the next.
