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Imports bump 17 percent, exports decline 13 percent

Mohamed Rehan
28 November 2023, MVT 09:37
Imports rose by 17 percent inclusive of fuel while exports dropped 13 percent in October 2023 according to Maldives Customs Service-- Photo: MPL
Mohamed Rehan
28 November 2023, MVT 09:37

Import commodities to the Maldives increased by 17 percent in October, inclusive of fuel, registering a total of MVR 5 billion.

According to Maldives Customs Service, the total imports for the previous month excluding fuel rose by 13 percent, registering a total of MVR 3.9 billion.

On the other hand, exports during the review month observed a 13 percent drop, registering a total of MVR 163 million worth of goods exported.

Customs collected MVR 1.9 million in royalties for the month, while revenues registered at MVR 336 million; which is an 8 percent decline.

Major Import Categories

01 - Fuel (marine gas oil (diesel), petrol, aviation gas): MVR 1.1 billion

02 - Machinery and mechanical appliance; electrical: MVR 907 million

03 - Food items (excluding pork, alcohol, tobacco): MVR 857 million

04 - Base metal and articles of base metal: MVR 416 million

05 - Mineral products: MVR 297 million

Major Export Commodities

01 - Skipjack tuna; stripe-bellied bonito (frozen): MVR 74 million

02 - Skipjack tuna (prepared or preserved): MVR 36 million

03 - Yellowfin tuna (frozen): MVR 14 million

04 - Yellowfin tuna loins (fresh or chilled): MVR 6 million

05 - Yellowfin tuna chunk (fresh or chilled): MVR 6 million

Maldives imported the most goods from United Arab Emirates (UAE) and India. Imports from UAE and India stood at MVR 732 million each; which is 15 percent each of the total imports. Imports from China stood at MVR 716 million; which is 14 percent of the total imports, making it the third largest importer to the country.

Thailand is the main export destination of Maldives, with MVR 76 million worth commodities exported; which is 46 percent of the total exports. Maldives' second strongest export destination is UK, with MVR 24 million worth goods exported which is 15 percent of the total exports in October 2023.

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