Imports pass MVR 3.7 billion-mark in a first since pandemic

Male' Commercial Port. (File Photo/Sun/Fayaz Moosa)

The value of imports to Maldives have risen above MVR 3.7 billion for the first time since the COVID-19 pandemic hit.

Maldives had faced a drop in imports with the lockdown in the greater Male’ area in April last year.

Imports in the first three months of last year, before the pandemic hit, had been upwards of MVR 3 billion.

January: MVR 3.7 billion

February: MVR 3.5 billion

March: MVR 3.1 billion

The latest statistics released by Maldives Customs show Maldives processed MVR 3.8 billion in imports last October. The figure is an 89 percent increase compared to the MVR 2 billion in imports in October last year.

The MVR 3.8 billion was the highest in monthly imports recorded in 22 months.

While imports rose, the customs revenue dropped by 31 percent compared to October last year.

Customs revenue in October 2020: MVR 424 million

Customs revenue in October 2021: MVR 294 million

The top importing countries last October were:

  • Oman: MVR 512 million
  • India: MVR 490 million
  • UAE: MVR 438 million
  • China: MVR 437 million
  • Singapore: MVR 385 million

Exports also showed a decline last October.

The FOB of Maldives’ exports in October last year was MVR 309 million. The figure dropped to MVR 252 million in October this year, marking an 18 percent drop.

The top exporting countries last October were:

  • Thailand: MVR 121 million
  • Germany: MVR 35 million
  • France: MVR 13 million
  • UK: MVR 9 million
  • Netherlands: MVR 6 million