Maldives’ external trade position in late 2025 was shaped by a sharp rise in imports alongside a more moderate increase in exports, reflecting the economy’s continued dependence on foreign goods even as re-export activity strengthened.
According to the Maldives Monetary Authority’s Economic Update for January 2026, total exports increased by 9 percent in November 2025 compared with the same month a year earlier, while imports rose by 30 percent over the same period. The gap between export and import growth points to mounting pressure on the trade balance despite improvements on the export side.
Export growth was driven mainly by higher re-exports, with increased earnings from jet fuel and other re-export categories. Domestic exports also recorded an increase, supported by stronger earnings from canned or pouched tuna. This gain offset a decline in revenues from frozen skipjack tuna, which has traditionally been a key fisheries export.
Import expenditure rose across all major categories, indicating broad-based demand. Higher imports of petroleum products, machinery and mechanical appliances, transport equipment and parts, construction-related items, and food contributed to the overall increase. The trend reflects ongoing infrastructure activity as well as the structural reliance of the Maldivian economy on imported fuel, capital goods, and consumer products.
Over a longer horizon, trade trends appear more stable. For the period from January to November 2025, total exports increased by 15 percent compared with the same period in 2024, while total imports remained broadly unchanged. This suggests that annual export growth helped contain trade pressures, even as month-to-month fluctuations remained pronounced.
The data highlights a recurring pattern in Maldives’ external sector, where export performance is closely tied to re-exports and a narrow range of fisheries products, while imports respond strongly to energy needs, construction activity, and domestic consumption.
