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Import duty down despite import hike

Fathmath Shaahunaz
26 September 2016, MVT 11:20
Unloading cargo at the commercial harbour of Maldives Ports Limited. FILE PHOTO: ALI NISHAN/MIHAARU
Fathmath Shaahunaz
26 September 2016, MVT 11:20

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

According to the official statistics publicised by Maldives Customs Service on Sunday, goods worth MVR 2.9 billion had been imported to the Maldives in August, which is an increase of eight percent from the previous year’s MVR 2.7 billion. However, import duty and other fees for last August were MVR 209.8 million, which is a seven percent decrease from August 2015 which earned MVR 224.4 million.

Customs attributed the drop in import duty revenue to the decrease in imported goods that charge import duty in August this year compared to 2015.

Import and Export for August:

Import: 8 percent increase

Export: 18 percent decrease

Import Duty: 7 percent decrease

Despite the increase in imported goods in August, the amount had dropped in the previous month of July. However, the revenue from import duty and other fees in July had increased by six percent from last year.

Moreover, the amount of exported goods from the Maldives continue to decline with MVR 210 million worth of goods exported in August, MVR 172 million in July and MVR 218 million in June. However, the amount of fish products exported from the Maldives in August had nearly doubled compared to last June and July.