Imports for February increase by 29 percent

Customs statistics show that imports for February 2017 has increased by 29 percent compared to the same period in the previous year.

In February 2016, imports valued at MVR 2.4 billion were brought in. The figure had risen to MVR 3.1 billion in February 2017.

Eighteen percent of imports were brought in from China, 16 percent from United Arab Emirates and 12 percent each from India and Singapore.

Import duties had increased by 94 percent compared to the same period.

Last February, the state earned MVR 333 million as import duties and other fees, compared to MVR 171 million recorded in February 2016. The increase in duties is attributed to the duty hikes for cigarettes and a surge in the import of the product.

Exports had risen by 12 percent in the same period. In 2016, exports were at MVR 334 million, while in February 2017, the figure was at 373 million.