The Maldives Customs Service has reported that revenue from imports and exports reached USD 24 million in July this year, marking a slight increase compared to the same period last year.
According to the latest statistics from Maldives Customs, the revenue collected in July represents a 0.8% rise from the USD 23 million generated in July 2023. Despite this growth in revenue, there has been a marginal decline in the value of imported goods. The data shows that goods worth USD 300 million were imported in July 2024, a decrease from USD 306 million during the same month the previous year.
The figures indicate that the top importing countries for the Maldives in July were the United Arab Emirates (UAE), India, China, Singapore, and Sri Lanka. Imports from the UAE led the list, totalling USD 64 million, followed by India with USD 50 million, China with USD 44 million, Singapore with USD 23 million, and Sri Lanka with USD 16 million. The primary imports from these countries consisted of machinery, electrical equipment, oil products, and food items.
While import revenues experienced a modest increase, the statistics reveal a decline in exports for the same period. Goods worth USD 4.2 million were exported from the Maldives in July, a notable drop from previous months. The key export destinations included the United Kingdom (UK), Thailand, UAE, Bangladesh, and France.
The latest data underscores the Maldives’ continued reliance on imports for essential goods, while the decline in exports suggests a need for diversification and strengthening of the country’s export sector. The Maldives Customs Service has yet to provide further analysis on the factors contributing to these trends, which could impact future trade policies and economic planning.
As the Maldives navigates its trade landscape, the shifting dynamics of import and export values will likely be a focal point for both policymakers and businesses looking to strategise for sustained growth in a challenging global market environment.
