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Import export values drop in July

Shahudha Mohamed
18 August 2019, MVT 14:29
Male Commercial Harbor. PHOTO/CUSTOMS
Shahudha Mohamed
18 August 2019, MVT 14:29

Maldives Customs Service stated that the Cost, Insurance and Freight (CIF) value of imported goods decreased by nine percent in the month of July, while the Free on Board (FOB) value of exported goods decreased by 16 percent.

According to the monthly statistics publicised by Customs, goods worth MVR 3.7 billion were imported during the last month. This is a significantly lower amount compared to the value of goods imported during July 2018, which stood at MVR 4.1 billion.

During July 2019, goods worth a total of MVR 165 million were exported out of the country. This figure stood at MVR 196 million during last year's July.

However, the revenue generated through Custom's duty and other fees totaled up to MVR 287 million last month, seeing an increase of two percent compared to last year.

At 21 percent, the most amount of goods were imported from United Arab Emirates (UAE), followed by Singapore, China, India and Malaysia respectively.

The largest amount of goods were exported to Thailand which consisted of 18 percent of total export values, followed by France, Germany, United Kingdom and Italy.

Import export values saw a decrease during the month of June as well. Import values dropped by five percent while export values decreased by seven percent.

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