Exports drop by 11 percent, resulting in a fall in income

Imports rose and exports fell in the month of November resulting in a decrease in income compared to the same period of 2018.

Records released by Maldives Customs Service shows the value of imports rose by four percent last November, compared to the same period in 2018.

The total imports last November was valued at MVR 4.3 billion, while a lower MVR 4.2 billion in imports was recorded in November 2018.

The biggest sources of imports were UAE, China, India, France and Singapore.

Meanwhile, the value of exports last November fell by 11 percent compared to November 2018.

The total exports in November was valued at MVR 405 million, while a higher MVR 454 million in exports was recorded in November 2018.

This resulted in a one percent drop in the income earned by the State from import-export. The State had earned MVR 268 million from import-export in November 2018, but a lower MVR 265 million from import-export in November 2019.

The largest markets for Maldivian exports last November were Thailand, France, Germany, the US and the UK.

Maldives exported MVR 71 million in chilled skipjack tuna last November, making it the top exported product. It also made for 32 percent of the total exports. The second top exported product was yellowfin tuna. Maldives exported MVR 29 million in yellowfin tuna last November, which made for 13 percent of the total exports.