- Imports rose 26% year-on-year in May 2026, while exports grew 20%, driven mainly by jet fuel re-exports.
- Domestic export performance weakened as frozen skipjack tuna earnings declined in the key fisheries sector.
- Import spending increased on petroleum, construction materials, machinery, electronics and food, while transport equipment imports fell.
May’s trade data shows import spending rising across several major categories, while export growth was largely supported by jet fuel re-exports rather than a stronger performance in domestically produced goods.
Total merchandise imports increased by 26 per cent year-on-year in May 2026, according to the Maldives Monetary Authority’s July Economic Update. Total exports rose by 20 per cent over the same period.
The difference was also visible over the first five months of the year. Imports increased by 25 per cent compared with the corresponding period in 2025, while exports grew by 12 per cent.
Higher jet fuel re-export earnings were the main driver of export growth during May. This reflects activity linked to aviation and related services, but differs from growth in domestic merchandise exports, which have a more direct connection to local production and industry.
Domestic export performance weakened during the month as earnings from frozen skipjack tuna declined. As fisheries remain the country’s main domestic goods export sector, the fall limited the broader contribution of locally produced exports to the trade figures.
On the import side, expenditure increased on petroleum products, construction materials, electrical and electronic equipment, machinery and mechanical appliances, and food items. The pattern indicates continued demand from construction and business activity, alongside higher spending on fuel and consumer necessities.
Imports of transport equipment and parts declined, providing some offset to the overall increase. However, the rise in other key import categories was sufficient to push total import expenditure sharply higher.
The figures point to a trade expansion led by import demand and re-export activity, rather than a broad-based increase in domestic export capacity. The performance of tuna exports will remain particularly important in determining whether export growth becomes more rooted in the productive sectors of the economy.
