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Import duty reaches MVR 243 mil in August

Import duty reaches MVR 243 mil in August

A sum of MVR 243 million was collected as revenue on import goods at the end of August.

Maldives Customs Service released statistical data on Sunday which cited the Cost, Insurance and Freight (CIF) charges increased by 11% compared to the same period of last year. Records indicate a total of MVR 2.8 billion worth of goods were imported in August last year while the amount hiked to MVR 3.1 billion in August this year.

The fees collected on the imported goods, which totaled up to MVR 243 million is a 14% increase in comparison to last year's charges around the same time.
United Arab Emirates (UAE) contributed to 19% of imported goods during last month while 13% of goods imported originated from China. While Indian exported goods to Maldives registered at 12% the goods imported from Malaysia stayed at 11%.

Meanwhile goods export rate from Maldives had also increased by 18% during August. Last year's export accounted to MVR 269 million worth of goods while the same period on 2017 saw an increase in exported goods - amounting to MVR 317 million.

Top export goods from Maldives consists fish and fisheries products. Statistics report a total of 40% of exported goods were dispatched to Thailand while 10% were loaded off to UK.


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