Maldives Import-Export sector face major setback

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The Maldives Import and Export sector faced major setback amid Covid-19 pandemic.

According to Maldives Customs Service, collection from Import Duty for May 2020 reached 117 million marking a 59% drop.

Moreover, this mark a 57% plummet in imports with regards to corresponding month in 2019.

Additionally, Customs report the import is inclusive of oil. With the exclusion oil Maldives import sector faced a drop of 49 percent.

Meanwhile, total export according to Customs for May records at MVR149 million marking 73% drop.

Furthermore, the year-to-date import and export figure show a plummet of 26 percent.

As such in the first five months of 2019 total exports value at MVR18.4 billion, while in the corresponding period of 2020 it was observed at MVR13.6 billion.

On the other hand, exports value at MVR1.3 billion for first five months of 2019 whereas it stood at MVR991 million for corresponding period in 2020.

The total export import value for first five months of 2019 hit MVR1.3 billion.

However, it only hit MVR1.1 billion in 2020 according to Customs.

 

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