Recent data from the Maldives Customs Service reveals a change in the country’s trade patterns in November. Imports decreased, while exports experienced a significant rise compared to the same month last year.
In November, the total Cost, Insurance, and Freight (CIF) value of imports in the Maldives was MVR 4.3 billion, showing a 2% decrease from MVR 4.4 billion the previous year. The main countries from which the Maldives imported goods were the UAE (MVR 664 million), India (MVR 651 million), and Oman (MVR 513 million).
On the other hand, the Freight On Board (FOB) value of exports saw a significant 32% increase, going up from MVR 165 million last year to MVR 216 million this November. Fish was the primary export, with 53% going to the Thai market and 13% to the UK. This positive trend in exports resulted in an overall increase in the country’s import and export earnings, reaching MVR 429 million this year, indicating a 21% rise from the previous year. Customs data also revealed that while 131 vessels arrived in the Maldives last November, 139 vessels departed during the same period this year, highlighting the nation’s growing export strength. Royalties for November were reported at MVR 11.7 million.
