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Import revenue dropped 10 percent in May

Shaina Abdulla
21 June 2018, MVT 08:52
Male Commercial Harbor. PHOTO/CUSTOMS
Shaina Abdulla
21 June 2018, MVT 08:52

Despite the hike in imported goods last month by three percent, revenue via import duty had decreased by 10 percent, statistics show.

According to the official statistics publicised by Maldives Customs Service on Sunday, revenue from import duty and other fees suffered a 10 percent drop with figures at MVR 215 million last May, whereas MVR 240 million was recorded as revenue May 2017.

However, goods worth MVR 3.5 billion had been imported to the Maldives in May, which is an increase of three percent from the previous year’s MVR 3.4 billion.

Top importing countries for the month of May include; China recorded as the highest with 19% followed by Singapore (17%) and the United Arab Emirates (UAE) 14%.

Customs attributed the drop in import duty revenue to the decrease in fish exported due to the change in climate.

The value of goods exported during last May showed a decrease of 38% to that of the same period last year. Goods valued MVR 201 million were exported in May 2018, whereas this figure was recorded at MVR 326 million in May last year. Thailand took the highest with 38% of the total export figure for the month, whereas 14% were exported to Germany, 11% to France, 6% to United States of America (USA).

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