Maldives Imports Rise, Exports Dip: Thailand and Oman Lead Trade Partnerships

The Maldives witnessed a notable shift in its trade dynamics in February 2024, marked by a 4% increase in imports and an 18% decline in exports compared to the same period last year.
Imports surged from MVR 4.2 billion in February 2023 to MVR 4.4 billion in February 2024, encompassing various commodities, notably fuel. Meanwhile, export values dipped from MVR 232 million to MVR 191 million during the same timeframe.
Thailand emerged as a significant export destination, absorbing 50% of Maldives exports, amounting to MVR 95 million. Conversely, Oman stood out as a leading import partner, contributing 15% of total imports, valued at MVR 675 million.
The Customs Department reported a decline in revenues, dropping by 30% to MVR 208 million, accompanied by a collection of MVR 1,220,150.69 in royalties.
Major importing nations included Oman, India, UAE, China, and Singapore, while Thailand, Great Britain, Germany, Bangladesh, and France featured prominently among the top export destinations.
Despite these fluctuations, the trade landscape underscores the Maldives' dependence on key partners like Thailand and Oman, shaping the trajectory of its economic activities.