China’s Imports to Maldives Rise by 55% Following FTA
Photo Credit: Maldives Ports Limited
China’s imports to the Maldives saw a 55% increase in January, reaching MVR 1 billion after the Free Trade Agreement (FTA) between the two countries came into force, according to Maldives Customs Service data.
In January last year, imports from China stood at MVR 671 million. The latest figures indicate that China was the second-largest exporter to the Maldives during the month, climbing from fourth place in January last year.
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Under the FTA, certain imports from China are exempt from duty, contributing to the rise in trade volume. Economic Minister Mohamed Saeed stated that before the agreement, annual trade between the Maldives and China was valued at USD 700 million, but this figure is expected to reach USD 1 billion under the new trade arrangement.
