Morocco: tourism revenues in January 2026 jumped 19,3% to 11,7 bn MAD, says Office des Changes

Morocco kicked off 2026 strongly: foreign-currency tourism revenues in January rose 19,3% and reached about 11,7 billion dirhams

January 2026 brought Morocco a continuation of last year’s tourism upswing: foreign-currency travel revenues (a category that in statistics covers spending by foreign visitors and other travel-related income) rose 19,3% compared with the same month of 2025 and reached 11,659 billion Moroccan dirhams (MAD). These are data published as part of its monthly indicators by Morocco’s Office des Changes, the institution responsible for external-sector statistics and foreign-exchange flows. A comparison with last year shows that revenues in January 2025 amounted to 9,772 billion dirhams, so the annual increase brought an additional 1,887 billion. In the same period, spending on travel also rose, but much more mildly: outlays increased 2,3% to 2,739 billion dirhams. As a result, the balance of the “travel balance” increased even faster, by 25,7%, to 8,920 billion dirhams, which is a visible signal of strengthening net FX inflows linked to tourism.

• January 2026: travel revenues 11,659 bn MAD (+19,3%); expenditures 2,739 bn MAD (+2,3%); balance 8,920 bn MAD (+25,7%).
• January 2025: revenues 9,772 bn MAD (comparison base), according to the monthly indicators of the Office des Changes.
• 2025: 19,8 million tourist arrivals (+14% compared with 2024) and 124 bn MAD in tourism receipts by the end of November (+19%), according to the Ministry of Tourism.

What “travel revenue” actually measures and why the number matters

The figure Morocco published does not refer only to hotel bills or the revenue of tourism companies in the classic sense, but to the foreign-currency inflow recorded under the “travel” category. In practice, this aggregate captures spending by non-residents in the country, including accommodation, hospitality, transport, excursions and other services that accompany a stay. That is why this number is often taken as a quick monthly indicator of how much foreign guests actually “left money” in the destination, regardless of whether it was shorter city-break visits or longer packages. For the economy, the importance is twofold: tourism brings income to businesses and employees, but at the same time brings in foreign currency that helps finance imports and stabilize the balance of payments. In the same bulletin, the Office des Changes also published other foreign-trade indicators for January 2026, but in domestic and international analyses attention often lingers precisely on travel because it is one of the most dynamic service items. In the context of the North African region, several indicators (growth in arrivals and receipts published by Moroccan institutions, as well as international overviews) point to a rapid tourism recovery after the pandemic, and the latest monthly number suggests that this momentum is continuing.

Record 2025 set a high bar, and January immediately outperformed last year

A strong January comes after an exceptionally successful 2025, which Morocco’s Ministry of Tourism, Traditional Crafts and the Social and Solidarity Economy described as a year of a historic breakthrough. According to the Ministry’s official data, Morocco recorded 19,8 million tourist arrivals in 2025, which is 14% more than in 2024, bringing the country for the first time close to the symbolic threshold of 20 million visitors. The Ministry additionally stated that tourism receipts by the end of November 2025 reached 124 billion dirhams, up 19% year on year. This confirmed that the growth in guest numbers did not remain only in arrival statistics, but translated into a stronger FX effect and higher spending. In an official statement, Minister Fatim-Zahra Ammor emphasized that the results reflect a “deep transformation” of tourism and a policy aimed at greater sustainability and greater value for regions. That is precisely why the January jump in 2026 is interpreted as a continuation, not a one-off statistical blip.

The government’s “Feuille de Route 2023.–2026.”: more flights, more beds, better service

Behind the numbers is an institutional framework Moroccan authorities have been systematically highlighting for several years: the strategic tourism development roadmap for 2023–2026. In its official press release on record 2025, the Ministry lists the key levers of that policy: strengthening air connectivity, structuring and expanding accommodation capacity, diversifying the offer, raising service quality, and encouraging territorial investment. The idea is that growth should not rely only on a few best-known cities and resorts, but that tourism becomes an instrument of regional development through new products, better destination management, and infrastructure investment. Additional materials on the “Tourism Roadmap” also state a broader ambition: 26 million tourists by 2030, along with strengthening tourism’s contribution to the economy and employment. In that document, the targets up to 2026 include 17,5 million tourists, 200 thousand new jobs and 120 billion dirhams in FX revenues, alongside a set of measures that include increasing air capacity and promoting point-to-point connections. Although part of these targets has already been exceeded by the growth in arrivals, authorities stress that the structure of the offer remains key: growth should be accompanied by quality standardization, experience development and investment in content that extends stays and increases spending per guest.

Air transport as a trigger: the “Air x2” strategy and capacity expansion

Air transport appears in Moroccan plans as one of the most direct growth levers, and the January 2026 data arrive at a moment when the national tourism office (ONMT/MNTO) is publicly talking about a new wave of contracted capacity. In a post after the Board meeting in June 2025, the MNTO stated that the “Air x2” strategy entered a new phase, with partnerships for 2026–2030 and the goal of exceeding the threshold of 13 million airline seats already in 2025. The same post highlights that the number of contracted seats rose 25% compared with the previous year, with the opening of new long-haul routes, an expanded presence of major carriers and the establishment of new bases in Morocco. Such logistical expansion in tourism usually shows up very quickly in spending: more seats mean lower barriers to market entry, more short trips and a higher number of visitors from new source regions. At the same time, stronger connectivity facilitates the exchange of business travel, MICE tourism and events, which often brings higher spending per day of stay. If the seat growth is reflected in the first half of 2026, the January revenue jump could be an introduction to an even stronger season, especially if demand stabilizes in key European markets.

Sport and international visibility: AFCON 2025 and a look toward the 2030 World Cup

Tourism trends rarely depend on a single factor, but in 2025 and early 2026 Morocco is also leaning on a strong “event” moment. According to official information from the Confederation of African Football (CAF), the Africa Cup of Nations Morocco 2025 was held from 21 December 2025 to 18 January 2026, which overlaps with the month in which the Office des Changes records the jump in travel revenues. MNTO documents and communications mention “full mobilization” for AFCON, with campaigns emphasizing Morocco as the “Kingdom of Football,” indicating a targeted linking of sport and destination promotion. Such events most often spur a combination of short-term fan travel and a longer-term effect of media visibility, which can strengthen interest in visits even after the tournament ends. The broader horizon is even more ambitious: FIFA officially confirmed that Morocco, Spain and Portugal will be co-hosts of the 2030 World Cup, with three centenary celebration matches in South America. Moroccan institutions are already building a narrative that the road to 2030 is an opportunity to accelerate investment in infrastructure, accommodation and international connectivity, which ultimately is also reflected in tourism receipts.

Wider economic context: services, foreign currency and pressure on infrastructure

The rise in travel revenues is not an isolated number, but part of a broader external-sector picture. In the January bulletin, the Office des Changes reported that the surplus on the services account increased, with growth in services exports and a higher surplus, indicating that tourism remains an important engine of services exports. In practice, this can ease pressures arising in goods trade, especially in periods when imports of energy or raw materials weigh more heavily on the balance. For the state, a more stable FX inflow makes it easier to finance investments and import needs, while for regions it means higher demand for labor in accommodation, hospitality, transport and related activities. International institutions such as UN Tourism note in their overviews that tourism is a key component of the Moroccan economy and that the number of international visitors in 2024 climbed to 17,4 million, with strong growth compared with pre-pandemic years. But accelerated growth usually brings risks as well: stronger demand increases pressure on urban infrastructure, water resources and coastal areas, and local communities raise questions of sustainability and preserving destination identity. In some coastal places, especially in the surf tourism market, international media have already recorded tensions between accelerated development, the legalization of construction and the preservation of space, showing that managing growth will be just as important as promotion itself.

What could determine the continuation of the trend in 2026

The January growth of 19,3% gives a strong initial signal, but the rest of the year will depend on several very concrete variables. First, air capacities: if the announced routes and contracted seats are indeed realized without major disruptions, the base of potential guests expands to markets beyond the traditional European core. Second, service and accommodation quality: the Ministry emphasizes modernization and standardization in its roadmap, and tourists increasingly assess destinations through experience, safety and availability of activities. Third, the ability to manage mass events and seasonal waves: AFCON showed how quickly sport can increase traffic, but also how crucial logistics are for visitors to actually stay and spend. Fourth, global factors such as energy prices, inflation in source countries and security perceptions, which can change travel patterns in the short term. For now, available official data indicate that Morocco entered 2026 with a combination of strong demand and institutional measures that try to turn that interest into long-term sustainable growth.

Sources:

• Office des Changes – “Indicateurs des échanges extérieurs à fin Janvier 2026” (monthly bulletin with data on “recettes voyages” and other indicators) (link)
• Office des Changes – publication page “Indicateurs des échanges extérieurs à fin Janvier 2026” (catalog and document download) (link)
• Ministère du Tourisme, de l’Artisanat et de l’Economie Sociale et Solidaire – press release on 19,8 million arrivals and 124 bn dirhams in receipts by the end of November 2025 (9 January 2026) (link)
• Maroc.ma – “Tourism Roadmap” (target of 26 million tourists by 2030 and targets/measures for 2023–2026) (link)
• Moroccan National Tourism Office (MNTO/ONMT) – post on the “Air x2” strategy and growth of contracted seats (25 June 2025) (link)
• CAF – official information on AFCON dates and hosting (21 December 2025 – 18 January 2026) (link)
• FIFA – confirmation of the 2030 World Cup co-hosts (Morocco, Spain, Portugal) (link)
• UN Tourism – overview of investment and the business environment in Moroccan tourism (specific data on visitors and the sector’s role) (link)
• Condé Nast Traveler – feature on surf tourism and pressure on coastal towns (broader sustainability context) (link)