Maldives Customs Services (MCS) has revealed the value of imports in August this year increased by 48% compared to the same month last year.
Statistics publicised by MCS revealed imports of goods stood at USD213 million in August last year and the value stood at compared to USD310 million in August this year, which is an increase of 48%. As per statistics, Oman, India, China, the United Arab Emirates (UAE), and Singapore were the top importers to the Maldives last month. As such, goods worth USD71 million were imported from Oman, goods worth USD46.7 million were imported from India, goods worth USD32.9 million were imported from China, goods worth USD30 million were imported from the UAE, and goods worth USD26 million were imported from Singapore. The largest imports were items of machinery, electrical equipment, food, and oil products.
Furthermore, the statistics showed the amount generated from exports fell sharply in August although the amount received from imports had increased. As such, the Maldives exported goods worth USD15.9 million in August last year while goods worth USD 7.4 million were exported in August this year, which is recorded as a decrease of 53%. The Maldives exported most goods to Germany, Mauritius, the United Kingdom (UK), Bangladesh, and India. The statistics show that 24% of exports were to Germany, 20% of the exports were to Mauritius, and 17% of the exports were to the UK. The largest exported items were frozen seafood.
Furthermore, the statistics showed the increase in imports led to an increase in overall revenue. As such, the state earned USD18.6 million from imports and exports in August last year while USD 25.29 million was collected revenue in August this year, which is an increase of 36%.