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Imports increase as exports see decline in January

The number of good imported inside the country has increased last month in comparison to last year while the amount of exported goods sees a decline. These varying ratios has led to the escalation of Maldives' current deficit accounts each passing year.

Aishath Shuba Solih
26 February 2024, MVT 18:29
Container ship importing goods inside the country -- Photo: Mihaaru News
Aishath Shuba Solih
26 February 2024, MVT 18:29

The number of goods exported outside the country had reduced by 30 percent within the preceding month while the products imported to the country the same month has seen a 30 percent increase.

As revealed in the statistics disclosed by Maldives Customs Service, Maldives has exported over MVR 173 million worth of goods outside the country last month while MVR 250 million worth of goods was exported in January last year. This is approximately a 30 percent decrease.

While the export rate has decreased, import rate has seen a 30 percent increase this year. While the preceding month of January saw imported good worth MVR 5.1 billion brought into the country, this amount was lower in January last year with an import rate of MVR 3.9 billion worth of goods.

Due to this significant contrast in decreased export and increased import rates, the country’s current account deficit has been escalating each year. The current account deficit stood at MVR 23 billion last year while the previous year’s deficit account was perched MVR 8 million lower than this amount.

The income generated by the government through import and export had seen a 7 percent increase during this window. Last month, this amount had increased by MVR 373 million.

The highest amount of imports into Maldives in the last month was from United Arab Emirates (UAE) with an import of MVR 938 million worth of goods. In addition to Oman’s MVR 774 million worth of imports to Maldives, India had imported MVR 700 million of goods into the country. Furthermore, China had imported goods worth MVR 671 with Maldives while Singapore had imported MVR 550 million worth of goods.

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