Revenue collected by customs increased 17 percent in first quarter

Total revenue of the Maldives Customs Service (MCS) in the first quarter of 2014 increased 17 percent compared to the same period the previous year.

The MCS revealed yesterday that a total of MVR424.9 million worth of custom duties and other charges – fees and fines – was collected in the first quarter this year while MVR363.3 million was collected in the first quarter of 2013.

“The total CIF [cost, insurance and freight] value of goods imported has also increased by 11 percent during 2014Q1, when compared to 2013Q1,” MCS said.

“Total imports measured MVR7.2 billion during 2014Q1, while it was MVR6.5 billion during the same period last year.”

One-third of the MVR7.2 billion worth goods imported during the first quarter represented importation of petroleum products.

“The second most imported category of goods was food items, which accounted 20 percent of total imports, followed by machinery and electronics which shared 14 percent of total imports,” MCS noted.

“Exports, on the other hand, have declined by 25 percent  during 2014Q1, compared to 2013Q1. Total FOB value of goods sold abroad valued MVR 752.5 million in 2013Q1. However, this figure decreased to MVR 562.2 million in 2014Q1. Approximately 70 percent of goods imported during 2014Q1 were sourced from 5 countries and 64 percent of goods exported from Maldives were bought by 5 countries.”