Business

Local export booms unexpectedly

Maldives Customs Service has confirmed goods exported has increased 99% during last November.

According to statistics publicized by the authority Maldives had exported MVR 194 million worth of goods in 2016 while goods exported from Maldives til end of November had reached MVR 386 million marking a 99% increase.

The usual top exported item remains to be fish products manufactured by local companies.

From the fish products exported the market had frozen skipjack tuna dominating with 35 percent and raked in as much as MVR 97.8 million. Next top exported fish product was yellow fin tuna, that mulled in MVR 65.7 million, and covered 23% of the total exports.

Third highest exported item from Maldives was fish-based food products which included canned fish products and reached MVR 61.9 million in income.

Thailand remains the dominant destination of Maldives fish product exportation with 36% of export goods reaching Thai warehouses while 10% of exportation included European biggies like UK and France and reached as far as US.

Meanwhile imported goods to Maldives shows a 5% decline in comparison to 2016 November figures. Goods imported during November last year amounted to MVR 3.2 billion whereas the figure declined to MVR 3.1 billion during this year's same period.

UAE dominates the import destinations with 23% of goods imported to Maldives, while Singapore and India contributed 13% each. Similarly both China and Malaysia had exported 8% goods to Maldives.

Top imported items remains almost the same as every other year with machinery, oil and food products dominating the import market. Total machinery imported to Maldives had reached MVR 639.7 million while a total of MVR 569 million worth of food products were imported.

Maldives had imported MVR 442.2 million worth of oil during the month of November alone.

However import duty fees collected to Customs authority had declined by 2 percent during last November compared to the figures of 2016's same timeframe. State had garnered MVR 246 million in import duties during November this year while the fees collected floated at MVR 252 million during the same period last year.