Imports drop by 35 percent in August

The value of imports to Maldives in August was recorded to have dropped by 35 percent, compared to the same period last year.

According to the monthly import/exports statistics released by Maldives Customs Service this Monday, Maldives recorded MVR 2.1 billion in imports in August. The value is a 35 percent drop compared to the MVR 3.3 billion in imports recorded over the same period last year.

The major importing countries were China, India, Singapore, Oman and United Arab Emirates.

• China: MVR 429 million (20 percent)
• India: MVR 293 million (14 percent)
• Singapore: MVR 254 million (12 percent)
• Oman: MVR 209 million (10 percent)
• UAE: MVR 160 million (7 percent)

Meanwhile, the value of exports in August was recorded as MVR 251 million. The value is a 2 percent drop compared to the MVR 256 million in exports over the same period last year.

The major exporting countries were Thailand, Germany, UK, France, and Italy.

• Thailand: MVR 92 million (42 percent)
• Germany: MVR 23 million (10 percent)
• UK: MVR 22 million (10 percent)
• France: MVR 15 million (7 percent)
• Italy: MVR 14 million (6 percent)

As a result of the fall in imports and exports, revenue from import/export duty and additional fees dropped by 66 percent. The state had earned MVR 297 million as import/export duty in August 2019, but MVR 102 million as import/export duty this year.