64% Decline in Exports for March 2024, Reports Maldives Customs Service
Photo: MPL
According to the latest reports by the Maldives Customs Service, exports in March 2024 decreased by a staggering 64% compared to the previous year.
In March 2024, exports amounted to MVR 124 million, a sharp contrast to the MVR 344 million recorded in March of the previous year.
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Conversely, imports, including fuel, saw a modest increase of 4% to reach MVR 4.4 billion in March 2024. However, excluding fuel, imports experienced a 4% decline, amounting to MVR 3.4 billion.
The revenue collected by the Customs Service in March 2024 also witnessed a downturn, declining by 3% to reach MVR 320 million. This decline is notable compared to the MVR 330 million revenue collected during the same period last year.
Despite this overall decline, royalties collected by Customs experienced growth, rising from MVR 14 million in March of the previous year to MVR 19 million in March 2024.
Significant contributors to imports include:
- Fuel (diesel, petrol, aviation gas) – MVR 1,073 million
- Food items (excluding pork, alcohol, and tobacco) – MVR 985 million
- Machinery and mechanical appliance – MVR 728 million
- Products of the chemical or allied industries – MVR 273 million
- Base metal and articles of base metal – MVR 264 million
In terms of exports, significant contributors include:
- Frozen skipjack tuna (Katsuwonus Pelamis) – MVR 49 million
- Skipjack Tuna (prepared or preserved) – MVR 40 million
- Yellowfin tuna (frozen) – MVR 6 million
- Yellowfin tuna chunk – MVR 4 million
- Yellowfin tuna loins – MVR 4 million
Analyzing the trading partners, Oman, India, the UAE, China, and Singapore emerged as the major importing countries for the Maldives.
- Oman – MVR 777 million
- India – MVR 763 million
- UAE – MVR 671 million
- China – MVR 440 million
- Singapore – MVR 401 million
Conversely, Thailand, Great Britain, Germany, India, and France were identified as significant export destinations for Maldivian products.
- Thailand – MVR 41 million
- Great Britain – MVR 27 million
- Germany – MVR 12 million
- India – MVR 7 million
- France – MVR 6 million
