Core Insights - Morocco's customs revenue reached a record high of $14.48 billion in 2024, marking a 9.2% increase from $13.25 billion in 2023 [1] Revenue Structure - Value Added Tax (VAT) accounted for 62% of total customs revenue, increasing by 11.9% from $7.58 billion in 2023 to $8.49 billion in 2024, primarily driven by a 16.1% growth in VAT from non-energy products [1] - Domestic Consumption Tax (TIC) represented 26% of total revenue, with energy product consumption tax rising by 11.8%, diesel consumption tax by 12.6%, and premium gasoline consumption tax by 9.6% [1] - Tobacco product consumption tax grew by 8.3%, increasing from $735 million in 2023 to $844 million in 2024, attributed to a 14.8% rise in tobacco consumption [1] - Import duties (DI) made up 12% of total revenue, amounting to $1.374 billion, reflecting an 8.5% increase, mainly due to the rise in imports of sheep, smartphones, and certain electrical appliances [1] Policy Changes - In 2024, Morocco implemented a suspension of import duties on various goods, including soft wheat, hard wheat, fava beans, kidney beans, lentils, chickpeas, specific oilseeds, crude oil, and domesticated cattle [1]