Imports Rise in February Despite Drop in Exports and Customs Revenue

Maldives Customs Service figures for February 2024 show a 4% rise in overall imports, inclusive of fuel. The total value of goods brought into the island nation stood at MVR 4.4 billion for the month, with imports excluding fuel reaching MVR 3.4 billion.

This mild rise in imported goods contrasts with a significant 18% decline in exports. The Maldives exported a total of MVR 191 million worth of commodities in February 2024, a decrease from the MVR 232 million reported during the same month in 2023.

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Customs revenue also experienced a substantial drop of 30% for the month, registering at MVR 208 million compared to MVR 297 million in February of the previous year.

Import and Export Details

The primary import category remains fuel, totalling MVR 964 million. Other notable imports included food items (excluding pork, alcohol, and tobacco), machinery and mechanical appliances, base metal and related parts, and chemical products.

Oman emerged as the largest exporter to the Maldives at MVR 657 million, followed by India (MVR 606 million), UAE (MVR 579 million), China (MVR 578 million), and Singapore (MVR 403 million).

Frozen skipjack tuna continued to dominate Maldivian exports at MVR 82 million. Other significant export commodities included skipjack tuna (prepared/preserved), yellowfin tuna (frozen), flours, meals and fish pellets (unfit for human consumption), and yellowfin tuna chunks.

Thailand retained its position as the primary export destination with MVR 95 million, while Great Britain (MVR 30 million), Germany (MVR 25 million), Bangladesh (MVR 7 million), and France (MVR 5 million) were other notable markets.

The Maldives Customs Service reported 137 vessel arrivals and 160 departures during the period under review.

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