Imports up, exports down in January

Source: Mihaaru

The Maldives Customs Service has stated that this past January saw an increase in imports and a decrease in exports.

According to statistics released by Customs, there was MVR 4 billion worth of imports last month, which was a 6% increase compared to January 2018. January last year saw imports of around MVR 3.8 billion.

It is worth noting that 21% of these imports came from the United Arab Emirates (UAE), 16% came from China, 10% from Singapore, 9% from India, and 8% from Malaysia.

Additionally, last month saw MVR 342.6 worth of exports left the country, which was 28% lower than January the year before. Exports that year came to around MVR 473.2 million.

A breakdown of the exports revealed that 17% of our exports went to Germany and 14% went to America and the United Kingdom, while 10% went to France.

Despite the decrease in exports, it is worth noting that the local wage rate has increased. Last year’s estimated total of MVR 268 million saw a 14% increase to around MVR 306.6 million.

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