Imports increase by 11 percent

Maldives Customs Service has said that imports increased by 11 percent in quarter 1 (Q1) of 2014 when compared with Q1 of 2013.

Customs said in a statement today that total revenue received in Q1 of 2014 also increased, by 17 percent, when compared with the corresponding quarter in 2013.

Revenue in Q1 of 2014 was MVR 424.9 million, while that in Q1 in 2013 was MVR 363.3 million.

Imports was MVR 7.2 billion in Q1 of 2014, while it was MVR 6.5 billion in Q1 of 2013.

Customs said that out of this MVR 7.2 billion worth of goods imported during Q1 of 2014, exactly one-third was for import of petroleum products. The second most imported category was food items, which accounted for 20 percent of total imports, followed by machinery and electronics which accounted for 14 percent of total imports.

Exports, on the other hand, declined by 25 percent during Q1 of 2014 compared with Q1 of 2013. Total value of goods sold abroad was MVR 752.5 million in Q1 of 2013, which dropped to MVR 562.2 million in Q1 of 2014.