Revenue from import/export drops by 59 percent in May

Maldives’ imports and exports continue fall amid the coronavirus pandemic, resulting in a 59 percent drop in revenue generated from import/export duty in May.

According to the monthly statics released by Maldives Customs Service on Wednesday, Maldives generated a low MVR 117 million in import/export duty in May, a significant 59 percent drop compared to the same period last year.

Maldives exported MVR 149 million in fish products in May. The figure is a significant 73 percent drop compared to the same period last year.

The major exporting countries were Thailand, Germany, France, United States, and United Kingdom.

• Thailand: MVR 57 million (46 percent)
• Germany: MVR 20 million (16 percent)
• France: MVR 10 million (8 percent)
• US: MVR 6 million (5 percent)
• UK: MVR 6 million (5 percent)

Meanwhile, imports were recorded at MVR 1.5 billion. The figure is a 57 percent drop compared to the same period last year.

The major importing countries were India, China, Singapore, United Arab Emirates, and Sri Lanka.

• India: MVR 262 million (17 percent)
• China: MVR 245 million (16 percent)
• Singapore: MVR 177 million (12 percent)
• UAE: MVR 174 million (11 percent)
• Sri Lanka: MVR 110 million (7 percent)

Maldives Customs Service’s statistics reveal a 26 percent drop in imports, exports and revenue over the first five months of this year compared to the same period last year.

Maldives had recorded MVR 18.4 billion in imports from January to May last year, but MVR 13.6 billion in imports this year; MVR 1.3 billion in exports last year but MVR 991 million in exports this year; and MVR 1.4 million in revenue from import/export duty last year but MVR 1.1 billion in revenue this year.

Customs has awarded duty exemptions on 16.72 million in coronavirus-related imports so far this year, including on PPEs, hand sanitizer, face shield, protective mask, hand wash, protective gloves and disinfectant.