48 percent increase in imports, significant decline in exports

The value of imports in August this year was 48 percent higher than the same month last year, according to customs data released Thursday.

Customs said imports stood at MVR 3.3 billion in August 2021, while it stood at MVR 4.8 billion in August this year, a significant increase of 48 percent.

The Maldives' revenue also increased by 36 percent in August compared to the same month last year. Revenue stood at MVR 288 million in August last year as against MVR 391 million in the same month this year.

Most goods were imported in August from Oman, India, China, UAE, and Singapore. While goods worth MVR 1.1 billion were imported from Oman, goods worth MVR 722 million were imported from India. Imports from China were at MVR 510 million, while UAE's imports stood at MVR 466 million. Imports from Singapore were valued at MVR 402 million.

Although imports increased significantly compared to last year, the export value fell by 53 percent compared to the same period last year. In August 2021, export value was MVR 247 million, and the figure declined to MVR 115 million this year.