Maldives Sees Imports Worth MVR 3.6 Billion in March 2021, Government Profits Increase by 13%

Maldives being a small island nation with limited natural resources, the country heavily depends on international trade for everyday resources. Maldives Customs Services is the government body of the Maldives responsible for carrying out all necessary activities pertaining to customs in relation to import and export of goods to and from the Maldives. 

Yesterday, MCS published the import and export statistics of March 2021.  

According to the report, a 13% increase of product value imported was observed in comparison to March of 2020. This is a jump to MVR 3.6 Billion CIF Prize of imported goods to the country. Major import categories include Machinery, Fuel and products of the chemical or allied industries. Major importing countries to the Maldives were noted as Oman and India tied at 13%, followed by Singapore and UAE, both at 12%. 11% of the imports came from China.  

On the other hand, FOB value of exported good dropped a 21% to MVR 301 Million compared to the MVR 380 Million of March 2020. Major commodity exported from the Maldives includes different varieties of Tuna sent to Thailand, Japan and India the most, at 38%, 11% and 8% respectively. The USA and Germany also topped the chart of major exporting countries from Maldives with 7% share.  

A total of 13% increase was observed in the import/export duty collected to the government, totaling at MVR 266 Million for the month of March 2021. 19,138 declaration forms were processed at the customs and 133 vessels arrived while 154 were allowed to depart the national ports.