The exports of the Maldives decreased by a huge extent where the exports in October of the last year were valued at 409.1 million Rufiyaa while only 257.1 million Rufiyaa worth of goods and services were exported during the same period of this year.
The exports of the nation decreased by 37% while the imports rose by 20% where imports of the same period was valued at 3.2 billion during October of last year while the value of imports rose to 3.9 billion during the same period of this year.
Raw Tuna and various tuna products are one of the main exports of the Maldives. Countries such as the United Kingdom, United States, Germany and Sri Lanka have imported the majority of the products exported from the Maldives where the UK is on the top of the list by importing 19.8% of total exports.
Moreover, the imports of the Maldives is on the rise where most of the products were imported from the United Arab Emirates accumulating 17% of total imports followed by Singapore and China having 16% and 13% of total imports. Therefore, the huge decline in exports followed by a rapid rise in imports can worsen the Balance Of Payments (BOP) position of the Maldives when the value of imports exceed the value of exports leading to a deficit BOP in the coming years where the country may have to borrow from other nations to pay for its imports.