The Maldives Monetary Authority’s 2024 Annual Report highlights a year of notable shifts in the country’s trade structure, highlighting evolving consumption patterns, the growing role of re-exports, and continued reliance on imports for essential goods and capital inputs. While total trade volumes rose, the report draws particular attention to sharp declines in fish exports and a surge in jet fuel re-exports, reflecting broader economic adjustments.
Re-exports Reach Record High for Third Consecutive Year
One of the report’s key highlights is the continued rise of re-exports, which reached an all-time high of USD 290.3 million in 2024. This marks a 12 percent increase from the previous year. Jet fuel remained the dominant component, accounting for 77 percent of all re-exports, driven by the growth in international flight movements linked to a strong tourism sector.
This performance reflects the Maldives’ emerging role as a transshipment and refuelling point for regional air traffic. Other re-export categories, including diesel and petrol, also contributed to growth, rising by USD 5.3 million in 2024.
Domestic Exports See Significant Decline
By contrast, domestic exports declined by 43 percent compared to 2023, totalling USD 92.4 million. The fall was driven almost entirely by disruptions in the local fishing industry, especially affecting frozen skipjack tuna. Export earnings from frozen skipjack dropped by 67 percent, largely due to issues surrounding purchase price policies and industry uncertainty.
In 2023, frozen skipjack accounted for 55 percent of fish export earnings. By 2024, this share had dropped to 34 percent. Canned or pouched tuna became the largest export category by value, representing 37 percent of total fish export earnings. Although this shift reflects a temporary disruption, it also indicates an adjustment in the composition of the Maldives’ key export sector.
Fish export volumes also contracted by nearly half, with frozen skipjack, canned tuna, and fresh yellowfin tuna all recording double-digit declines. Frozen yellowfin tuna was the exception, showing an 18 percent increase in volume and a modest rise in earnings.
Imports Reflect Shifts in Consumer and Capital Goods Demand
Total merchandise imports grew by 4 percent in 2024 to reach USD 3.6 billion. The report identifies notable increases in the import of food items, transport equipment, and furniture. Food imports rose by 12 percent, with rising demand for meat and vegetables, likely reflecting shifts in household consumption and tourism sector demand.
Transport equipment and parts increased by 18 percent, a rise attributed mainly to aircraft imports. Imports of furniture, fixtures, and fittings jumped by 25 percent, while electrical and electronic machinery grew by 17 percent.
At the same time, there was a decline in construction-related imports, down by 7 percent or USD 39.1 million. This trend was driven largely by lower demand for materials such as wood, cement, and aggregates, which may suggest a slowdown or delay in infrastructure and housing projects.
Private sector imports stood at USD 2.7 billion, with approximately USD 595.7 million linked to the tourism sector. Public sector imports were recorded at USD 941.5 million, including USD 889.4 million from public enterprises.
Trading Partners: Shifts in Regional Composition
Asia remained the Maldives’ dominant trading partner, accounting for 83 percent of imports and 55 percent of exports. The United Arab Emirates was the top import source, accounting for 20 percent of total imports, primarily due to petroleum products. Imports from the UAE increased by 58 percent in 2024.
Imports from China rose by 20 percent, driven by demand for furniture and electronics. Singapore also saw a 16 percent rise in import value, particularly in transport equipment and fuel. In contrast, imports from India declined by 6 percent, primarily due to lower demand for construction materials and mechanical appliances.
On the export front, Thailand continued to lead, although its share fell from 54 percent to 35 percent due to reduced demand for frozen skipjack. Meanwhile, the UK increased its share of Maldivian exports to 22 percent, becoming the largest European market by share, despite a 10 percent decline in value.
A Trade Landscape in Transition
The report points to a rebalancing of Maldives’ trade composition rather than a contraction in activity. The strong performance of re-exports and the shift in fish export dynamics reflect both internal policy challenges and external demand changes. The growth in food and transport imports suggests sustained domestic activity and tourism-linked consumption.
As the Maldives continues to pursue economic diversification, the report underscores the importance of building resilience in export sectors while capitalising on regional transit and re-export opportunities.
