According to recent data from the Maldives Customs Service, Maldives witnessed a shift in its trade dynamics this November, with a decline in imports and a notable increase in exports compared to the same month last year.
The total Cost, Insurance, and Freight (CIF) value of imports this November was MVR 4.3 billion, a 2% decrease from MVR 4.4 billion in the previous year. The top countries from which Maldives imported goods were the UAE (MVR 664 million), India (MVR 651 million), and Oman (MVR 513 million).
Conversely, the Freight On Board (FOB) value of exports experienced a 32% increase, rising from MVR 165 million last year to MVR 216 million this November. Fish emerged as the primary export, with 53% heading to the Thai market, followed by 13% to the UK. This positive trend in exports led to an overall increase in the country’s import and export earnings, which stood at MVR 429 million this year, marking a 21% rise from the previous year. Additionally, customs data revealed that while 131 vessels arrived in Maldives last November, 139 vessels departed during the same period this year, further underscoring the nation’s growing export strength. Royalties for November were reported at MVR 11.7 million.
