Imports drop by 35 percent in August

Male' Commercial Harbor. (Sun Photo/Fayaz Moosa)

The value of imports to Maldives in August was recorded to have dropped by 35 percent, compared to the same period last year.

According to the monthly import/exports statistics released by Maldives Customs Service this Monday, Maldives recorded MVR 2.1 billion in imports in August. The value is a 35 percent drop compared to the MVR 3.3 billion in imports recorded over the same period last year.

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

  • China: MVR 429 million (20 percent)
  • India: MVR 293 million (14 percent)
  • Singapore: MVR 254 million (12 percent)
  • Oman: MVR 209 million (10 percent)
  • UAE: MVR 160 million (7 percent)

Meanwhile, the value of exports in August was recorded as MVR 251 million. The value is a 2 percent drop compared to the MVR 256 million in exports over the same period last year.

The major exporting countries were Thailand, Germany, UK, France, and Italy.

  • Thailand: MVR 92 million (42 percent)
  • Germany: MVR 23 million (10 percent)
  • UK: MVR 22 million (10 percent)
  • France: MVR 15 million (7 percent)
  • Italy: MVR 14 million (6 percent)

As a result of the fall in imports and exports, revenue from import/export duty and additional fees dropped by 66 percent. The state had earned MVR 297 million as import/export duty in August 2019, but MVR 102 million as import/export duty this year.