Exports drop 64%, imports up just 4% in March 2024

Maldives Customs Service reports a significant 64% export decline for the month of March 2024.

According to Customs in its most recent statistics, exports for March 2024 reached MVR 124 million compared to an MVR 344 million in the same month last year.

Imports, inclusive of fuel, rose 4% registering a total of MVR 4.4 billion, but excluding fuel, imports saw a decline of 4%, registering MVR 3.4 billion.

The month is not favorable for Customs in terms of revenue as well, since it observed a 3% decline; reaching MVR 320 million compared to the MVR 330 million in the corresponding month of 2023.

However, royalties saw a jump from MVR 14 million in March 2023 to MVR 19 million in March 2024.

Major Import Categories

1. Fuel (diesel, petrol, aviation gas) – MVR 1,073 million
2. Food items (excluding pork, alcohol, tobacco) – MVR 985 million
3. Machinery and mechanical appliance – MVR 728 million
4. Products of the chemical or allied industries – MVR 273 million
5. Base metal and articles of base metal – MVR 264 million

Major Import Countries

1. Oman – MVR 777 million
2. India – MVR 763 million
3. UAE – MVR 671 million
4. China – MVR 440 million
5. Singapore – MVR 401 million

Major Export Commodities

1. Frozen skipjack tuna (Katsuwonus Pelamis) – MVR 49 million
2. Skipjack Tuna (prepared or preserved) – MVR 40 million
3. Yellowfin tuna (frozen) – MVR 6 million
4. Yellowfin tuna chunk – MVR 4 million
5. Yellowfin tuna loins – MVR 4 million

Major Export Countries

1. Thailand – MVR 41 million
2. Great Britain – MVR 27 million
3. Germany – MVR 12 million
4. India – MVR 7 million
5. France – MVR 6 million