The Maldives has witnessed a substantial surge in the Cost, Insurance, and Freight (CIF) cost of imports in January, marking a 31 percent increase compared to last year, according to data released by the Maldives Customs Service (MCS). In January 2023, the Maldives recorded imports valued at MVR 3.9 billion. A year later, in January 2024, this figure escalated to MVR 5.1 billion, indicating a significant rise in import activity.

Concurrently, the revenue generated from imports and exports also seen an upward trend, registering a 7 percent increase in January 2024. The income from import and export activities was recorded at MVR 373 million in January 2024, a noticeable increase from MVR 349 million in the same period the previous year.

However, this import growth was not mirrored in the export sector, which witnessed a decline of 31 percent. In January 2024, exports stood at MVR 173 million, a stark contrast to the MVR 251 million recorded in January 2023.

The data further revealed that the United Arab Emirates (UAE) was the largest supplier of goods to the Maldives in January 2024, with imports recorded at MVR 938 million. Oman and India followed, with imports valued at MVR 774 million and MVR 700 million, respectively. Imports from China and Singapore were recorded at MVR 671 million and MVR 550 million, respectively.

On the export front, Thailand emerged as the primary destination for Maldivian goods in January 2024, accounting for 38 percent of total exports. Germany and the United Kingdom were the second and third top export destinations, receiving 17 percent and 15 percent of the Maldivian products, respectively.