Trade deficit widens to MVR 1.1 billion

The trade deficit in the Maldives rose to MVR 1.1 billion (US$70.9 million) in the last year, according to statistics from the Maldives Monetary Authority (MMA).

Statistics show that US$ 314.4 million had been received as revenue from exports. However US$1.4 billion was spent on imports – an 11percent increase to the overall trade deficit.

Local media reported that while there had been a reduction in overall exports, fish exports had increased.

According to MMA’s statistics, the 2013 trade balance is MVR 1.5 billion (US$96.7 million).