Price of apples double to MVR 9

The price of apples has soared to MVR 9, amid a rise in prices of produce available from the Male’ market

Apples, a popular choice among fruits, were previously available for MVR 4 – MVR 5.

But the lowest rate for apples available from the market on Thursday was MVR 9, with some shops selling it for as high as MVR 10.

Multiple business owners told Sun that the price of apples began to rise three weeks back. A case of apples, previously available for MVR 580 – MVR 600, are now available for MVR 1,200.

“Apples sent to shops in local islands have to be priced around MVR 12 after including the shipping fees. MVR 1,200 for a case is double the previous price,” said a businessman who operates a shop in northern Maldives.

The rise in price of produce is usually associated with a shortage. However, there does not appear to be any shortage of apples available from the Male’ market.

The Maldives, a country that is almost completely reliant on imports, is highly vulnerable to shocks in the global market. However, there does not appear to be any changes in the supply or price of apples in the global market at present.

China is the biggest producer of apples, contributing to 57 percent of global supplies.

Apple trees are hard to grow in the Maldives, as they thrive in temperate climates with cold winters and moderate summers. Records show that Maldives gets most of its apples from South Africa. In 2023, the Maldives imported nearly two million kilos of apples, with a market value of MVR 2.2 million.

One of the reasons for the rise in price of produce is a US dollar crunch in the Maldives, with the rate of USD rising to MVR 20 in the black market. It marks the highest the rate has risen to in recent history.