Staggering 64% export decline in March 2024

Exports saw a staggering 64% decline in March 2024, reports the Maldives Customs Service.

According to Customs, exports for March 2024 registered 124 million whereas in the corresponding month last year, exports stood at a total of MVR 344 million.

While imports, inclusive of fuel stood at MVR 4.4 billion; which is a 4% increment compared to the same month last year, imports excluding fuel saw a 4% drop, registering a total of MVR 3.4 billion.

March 2024 was not favorable for Customs Service as the month observe a 3% decline in revenue, reaching just MVR 320 million. Last year in the same month, Customs had collected a revenue of MVR 330 million.

Despite this, Custom's royalties which stood at MVR 14 million in March last year increased to MVR 19 million in the review month.

Major Importing Categories

1. Fuel (diesel, petrol, aviation gas) - MVR 1,073 million
2. Food items (exclud. pork, alcohol, tobacco) - MVR 985 million
3. Machinery and mechanical appliance - MVR 728 million
4. Products of the chemical or allied industries - MVR 273 million
5. Base metal and articles of base metal - MVR 264 million

Major Exported Commodities

1. Frozen skipjack tuna (Katsuwonus Pelamis) - MVR 49 million
2. Skipjack Tuna (prepared or preserved) - MVR 40 million
3. Yellowfin tuna (frozen) - MVR 6 million
4. Yellowfin tuna chunk - MVR 4 million
5. Yellowfin tuna loins - MVR 4 million

Major Importing Countries

1. Oman - MVR 777 million
2. India - MVR 763 million
3. UAE - MVR 671 million
4. China - MVR 440 million
5. Singapore - MVR 401 million

Major Exporting Countries

1. Thailand - MVR 41 million
2. Great Britain - MVR 27 million
3. Germany - MVR 12 million
4. India - MVR 7 million
5. France - MVR 6 million