Imports Reach MVR 5.5 Billion in May as Fuel Remains Top Commodity

The Maldives imported goods worth MVR 5.5 billion and exported goods valued at MVR 98 million in May, according to monthly trade statistics released by the Maldives Customs Service.

Customs reported that the state collected MVR 322 million in revenue from import and export activities during the month.

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Import expenditure increased from MVR 4.7 billion recorded in April. Oman remained the Maldives’ largest source of imports, supplying goods worth MVR 1.1 billion, equivalent to 20 per cent of total imports. China ranked second with MVR 796 million, followed by India with MVR 750 million.

Malaysia supplied goods worth MVR 444 million, while imports from the United Arab Emirates totalled MVR 367 million.

Fuel continued to account for the largest share of imports, with petroleum products valued at MVR 1.4 billion brought into the country during May. Food imports, excluding pork, alcohol and tobacco, amounted to MVR 948 million, while machinery, mechanical appliances and electrical equipment totalled MVR 916 million.

Fish products accounted for all exports recorded during the month. Prepared or preserved skipjack tuna was the leading export commodity, generating MVR 38 million in export earnings. Frozen skipjack tuna followed with MVR 27 million, while other fish exports, including frozen yellowfin tuna and fresh or chilled loins and chunks, totalled MVR 18 million.

Great Britain was the largest export destination, receiving goods worth MVR 36 million and accounting for 37 per cent of total exports. Thailand was the second-largest market, followed by France, India and Germany.

The latest figures highlight the Maldives’ continued reliance on imports, particularly for fuel, food and industrial goods. The government has been exploring measures to reduce import dependency as it seeks to address rising debt levels and ongoing foreign currency shortages.