Imports rose, exports fell in December 2019

Maldives Customs stations at Velana International Airport. (File Photo/Maldives Customs)

The monthly import/export records released by Maldives Customs reveals a 19 percent drop in exports and a four percent rise in imports in Maldives in December 2019 compared to the same period in 2018.

According to Customs, the CIF (Cost, Insurance and Freight) value of imports in December 2019 had been MVR 4.4 billion compared to the MVR 4.2 billion recorded in December 2018 – marking a four percent increase.

The total revenue generated by Maldives Customs through customs duty and other fees in December 2019 had been MVR 361 million – a 10 percent increase compared to revenue generated in December 2018.

The top sources of imports were China, UAE and Malaysia.

  • China: MVR 753 million in imports
  • UAE: MVR 654 million in imports
  • Malaysia: MVR 445 million in imports

Food products and machinery and mechanical equipment had topped imports with 17 percent stakes in total imports apiece, it followed oil products such as jet fuel, diesel and petrol which made for 12 percent.

Meanwhile, the FOB value of exports in December 2019 was MVR 426 million – a 19 percent drop compared to the MVR 523 million exported in December 2018.

The exports were dominated by fish products. The top product was frozen yellowfin tuna, which made up for 24 percent of total exports and was valued at MVR 33 million, it followed MVR 24 million worth of skipjack tuna.

The top market for Maldivian exports was Thailand, which made up for 32 percent of the total exports. 14 percent went to Germany and nine percent went to the US.