Maldives Imports Surge in April, While Exports See Sharp Decline

The Maldives has witnessed a notable increase in imports during April compared to the same period last year, as reported by the Maldives Customs Service. Meanwhile, exports experienced a significant decline, highlighting shifts in the country's trade dynamics.
According to statistics provided by the Maldives Customs Service, imports surged by six percent in April, rising from MVR 4.5 billion to MVR 4.7 billion compared to April last year. Oman emerged as the leading exporter to the Maldives, with goods valued at MVR 777 million, closely followed by India with exports worth MVR 761 million. China ranked third with goods worth MVR 722 million imported to the Maldives, followed by Singapore at MVR 537 million and the UAE at MVR 467 million.
In contrast, Maldives' exports experienced a significant downturn, declining by 22 percent from MVR 193 million in April last year to MVR 151 million this year. Thailand accounted for the largest share of exports at 45 percent, followed by the UK at 15 percent and Germany at 12 percent.
Despite the surge in imports, the Maldives government saw a marginal increase in revenue through customs in April this year compared to the same period last year. Customs revenue amounted to MVR 310 million, reflecting a 0.5 percent increase from MVR 308 million collected in April last year.
The fluctuations in import and export figures underscore the evolving dynamics of the Maldives' trade landscape. As the country continues to navigate global economic challenges and opportunities, policymakers and industry stakeholders may need to adapt strategies to optimize trade relationships, enhance export competitiveness, and ensure sustainable economic growth.