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Maldives posts exports rise 19%

Maldives posts exports rise 19%

MALÉ: Value of export goods last year had an increase of 19 percent compared to 2014, whereas import goods rates had drastically decreased due to drop in global oil prices, stated Maldives Customs Service.

According to Customs’ statistics, goods worth MVR 2.9 billion (USD 189.3 million) were exported in 2014, whereas the amount had increased to MVR 3.4 billion (USD 221.9 million) last year.

Statistics show that 23 percent of last year’s goods were exported to Thailand, followed by 12 percent to neighbouring Sri Lanka. Meanwhile, France holds 10 percent of the total exports last year.

Statistics indicate an increase of 20 percent last year in revenues including oil import duties and other fees, compared to 2014. Import duty revenue for last year was MVR 2.4 billion (USD 156.6 million), while in 2014 MVR 2 billion (USD 130.5 million) was received.

Cost, Insurance and Freight (CIF) of import goods last year also increased by 0.8 percent from the previous year. MVR 31.8 billion (USD 2.07 billion) worth of goods were imported last year, while the amount was MVR 31.6 billion (USD 2.06 billion) in 2014. Amount of goods sans oil products imported in 2015 had an increase of 16 percent from 2014.

The highest expenses for import goods last year were for food products with MVR 5.7 billion (USD 372 million) spent, statistics show. This is 21 percent of the total import goods. With MVR 5.1 billion (USD 332.9 million), machinery and electronics were the second highest expense (18 percent), followed by oil products at MVR 4 billion (USD 261.1 million) (14 percent).

Most of the import goods in 2015 were acquired from Singapore at MVR 4.9 billion (USD 319.8 million), which is 17 percent of total import. The second highest amount of goods were imported from United Arab Emirates at MVR 4.7 billion (USD 306.8 million).