Exports decline 48 percent in October, but revenue rises

The Maldives Customs Service has revealed that exports in October decreased by 48 percent compared to the same period last year.

While MVR131.3 million worth of goods were exported in October 2014 – compared to MVR251.3 million in October 2013 – revenue collected grew by 8 percent.

“The main reason for this reduction is largely due to the fact that export of frozen skipjack and frozen yellowfin tuna decreased by a large extent this October when compared to the same period last year,” reads a statement from customs.

“Total revenue collected during October 2014 has increased by 8% compared to the same period last year. A total of MVR170.8 million was collected as customs duty and other charges this October while this figure stood at MVR158.3 million for the same period last year.”

Imports meanwhile increased four percent in October compared to the same period last year.

“Looking at the distribution of imports in October 2014, fuel was the most imported item with a CIF [Cost, insurance, and freight] value of MVR625.7 million which accounts for 23% of the total imports for the period. This is followed by food items and machinery and electronics with CIF value of MVR508.1 million (19%) and MVR444.2 million (17%) respectively.”