Imports fell, exports rose in January

The monthly import/export records released by Maldives Customs reveals a four percent drop in imports into Maldives in January 2020 compared to the same period in 2019.

According to Customs, the CIF (Cost, Insurance and Freight) value of imports in January 2020 had been MVR 3.8 billion, a four percent drop compared to the MVR 4 billion in imports in January 2019.

The top sources of imports were:

• UAE: MVR 717 million (19 percent)
• China: MVR 649 million (17 percent)
• India: MVR 380 million (10 percent)
• Malaysia: MVR 363 million (10 percent)
• Singapore: MVR 322 million (9 percent)

While imports fell, exports rose by 21 percent, with the FOB value of exports in January 2020 recorded at MVR 420 million compared to MVR 347 million in January 2019.

• The top markets for exports were:
• Thailand: MVR 139 million (56 percent)
• Germany: MVR 18 million (7 percent)
• US: 17 million (7 percent)
• France: MVR 15 million (6 percent)
• UK: MVR 14 million (6 percent)

The changes affected the income from import/export duty with a 10 percent drop. Customs earned MVR 272 million as import/export duty in January 2020, but a higher MVR 303 million in January 2019.