Exports increase by seven percent, says Customs

Local exports for 2016 had increased by seven percent in comparison to the year before, the Maldives Customs Service has said.

Customs’ reports stated that the Maldives had made MVR 3.7 billion in exports in 2015, while in 2016, it had made 3.9 billion. 33 percent exports in 2016 had been made to Thailand, while 11 percent of exports werre to Sri Lanka, and nine percent to the United States of America.

Revenue generated through duties and other fees had also hiked by eight percent in 2016, the report said. Customs had overseen an influx of MVR 2.4 billion in 2015 as import duties, and 2.6 billion this year. CIF (Cost, Insurance, and Freight) values had also increased by 12 percent this year.

The Customs’ report further stated that the State had imported goods worth MVR 34 billion in 2016, and 31 billion 2015. 2016’s expenditure was most spent on machinery and electronics – at MVR 6.7 billion, 21 percent of total imports. 19 percent of imports amount to food items – at MVR 6.4 billion, and oil imports make up 11 percent, at MVR 3.5 billion.

The biggest source of these imports was the United Arab Emirates, with 16 percent of imports having been from there – at MVR 5.2 billion. The second biggest source for imports was from Singapore, at 14 percent – amounting to 4.7 billion. Maldives had imported goods worth of 4.2 billion from India – 13 percent of total exports