Maldives records 6 percent spike in exports in 2019

Maldives records 6 percent spike in exports in 2019

Maldives recorded a six percent surge in exports for the year 2019, Maldives Monetary Authority (MMA)'s annual report shows.

According to the central bank's statistics, exports increased by USD 21.4 million, amounting to total USD 361 million by the end of the year. Domestic exports accounted for 44 percent of the total while re-exports made up 56 percent.

MMA's report shows that although domestic exports dropped last year, re-exports were at USD 202 million, which is a 29 percent spike. The authority noted that the majority of re-exports comprised of jet fuel due to the increase in air traffic movements, including international flights to Maldives, in 2019.

The export of fish products, which accounts for 95 percent of the country's total exports, declined by USD 158 million due to a global drop in fish product rates last year. The majority of the exports was made up of frozen skipjack tuna accounting for 29 percent, followed by frozen yellowfin tuna at 27 percent. Canned tuna made up 23 percent of fish product exports.

Meanwhile, imports for the year 2019 stood at USD 2.9 billion, which is a two percent decrease, according to MMA. Food products and construction materials made up the bulk of imports to Maldives, of which the latter also recorded a drop. Statistics further indicate that the import of construction materials also decreased.