Import Export Duty in September 2020 drop 59%

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The import and export duty saw a decline of 59% in September 2020, reports Maldives Customs Service.

Moreover, total imports inclusive of fuel saw a 50% decline, at MVR1.9 billion.

On the other hand, imports exclusive of fuel slipped by 48%, at MVR1.7 billion.

Total exports from Maldives saw a visible decline by 37%, with the goods worth just MVR199 million.

According to Customs authority, the import and export duty collection stood at MVR119 million for review month.

As per import composition, machinery and mechanical appliances took up the largest portion worth MVR458 million in imports.

Food items, exclusive of pork, alcohol and tobacco remains second strongest import category worth MVR324 million.

Meanwhile, Maldives is notable for just one major export item; fish and fish related products.

Skipjack tuna remains the country’s top export commodity with MVR47 million worth in exportation.

Yellowfin Tuna, which usually has stronger market value, saw exportation at MVR19 million in review month.

Moreover, China remains as top importer to Maldives with 18% of total imports with India coming in a close second holding 14% of total imports.

Singapore stood in third with 11% of total imports whereas both Oman and United Arab Emirates covered 9% each.

Furthermore, United Kingdom remains as top export destination from Maldives with 21% of total exports.

The fish products of Maldives find strong success in European markets as exports to Germany stood at 19% of the total and 17% to France.

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