Exports drop by 65 percent

Exports for March 2014 have dropped by 65 percent, compared to March 2013.

This was announced by Maldives Customs Service in its Monthly Statistics Report March 2014.

The report states that imports, on the other hand, increased by 30 percent for March 2014 compared to March 2013. Total imports in March 2014 was valued at MVR 2,593.5 million, about 600 million more than that of March 2013.

Import of fuel (such as diesel, petrol and jet fuel) accounted for 36 percent of total imports in March, which was twice the value of food items imported during the same period. Third most imported category of goods in March was machinery and electronics which accounted for 15 percent of total imports.

A total of MVR 320.1 million worth of goods were exported in March 2013, however the figure reduced to MVR 111.9 million in March 2014.

Revenue collected by Customs as import duty and other charges increased by 12 percent. Total revenue collected in March 2014 was MVR 139.7 million, while it was MVR 124.8 million in March 2013.

Total imports in the first quarter of 2014 was MVR 7.1 billion, an 11 percent increase compared to the first quarter of 2013. Quarterly exports figures showed a decline of 25 percent; however, total revenue earned during the first quarter of 2014 recorded a 17 percent rise compared to the same period last year.