Customs Reports 6% Surge in Imports, 22% Fall in Exports

Photo: Venti Views

According to the latest reports by the Maldives Customs Service, the Cost, Insurance, and Freight (CIF) value of imports in April 2024 saw a 6% rise compared to April 2023; Imports amounted to MVR 4.7 billion in April 2024, up from MVR 4.5 billion recorded in the same month the previous year. 

Excluding fuel, imports still registered a remarkable rise, reaching MVR 3.7 billion, marking a notable 3% increase from the preceding month. In contrast, Maldives’ export figures took a 22% downturn, with exports totalling MVR 151 million. 

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Customs revenue for April 2024 amounted to MVR 310 million, reflecting a slight 0.5% increase compared to the same period last year. Additionally, royalty revenue contributed MVR 3 million.

Significant contributors to imports include:

Machinery and mechanical appliance – MVR 1.1 billion

Fuel (diesel, petrol, aviation gas) – MVR 977 million

Food items (excluding pork, alcohol, and tobacco) – MVR 873 million

Mineral Products – 281 million

Products of the chemical or allied industries – MVR 278 million

In terms of exports, significant contributors include:

Frozen skipjack tuna (Katsuwonus Pelamis) – MVR 52 million

Skipjack Tuna (prepared or preserved) – MVR 45 million

Yellowfin tuna (frozen) – MVR 16 million

Yellowfin tuna (canned) – MVR 10 million

Yellowfin tuna (fresh or chilled) – MVR 4 million

Analyzing the trading partners, Oman, India, the UAE, China, and Singapore emerged as the major importing countries for the Maldives. 

Oman: MVR 777 million

India: MVR 761 million

China: MVR 722 million

Singapore: MVR 537 million

UAE: MVR 467 million

Conversely, Thailand, Great Britain, Germany, India, and Switzerland were identified as significant export destinations for Maldivian products.

Thailand – MVR 67 million

Great Britain – MVR 22 million

Germany – MVR 19 million

Switzerland – MVR 12 million

India – MVR 6 million

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