The Central Bank of Maldives (MMA) reported on Wednesday that the country's exports fell by 8 percent over the past seven months.
According to the MMA, export revenues totaled $237 million during this period, down from $257 million in the same timeframe last year.
Domestic exports experienced a significant drop of 44 percent, falling to $61 million compared to $110 million last year. The export of fish products was particularly affected, decreasing by 46 percent. Fish exports earned $55 million in the past seven months, a notable decline from $103 million the previous year.
The only sector showing growth was re-exports, which increased by 19 percent to $175 million. This rise in re-export earnings somewhat offset the overall decline in exports.
In contrast, imports have risen by 4 percent, with a total of $2 billion worth of goods being imported over the same period. This increase in imports further underscores the challenges faced by the Maldivian export sector amidst shifting economic conditions.
According to the MMA, export revenues totaled $237 million during this period, down from $257 million in the same timeframe last year.
Domestic exports experienced a significant drop of 44 percent, falling to $61 million compared to $110 million last year. The export of fish products was particularly affected, decreasing by 46 percent. Fish exports earned $55 million in the past seven months, a notable decline from $103 million the previous year.
The only sector showing growth was re-exports, which increased by 19 percent to $175 million. This rise in re-export earnings somewhat offset the overall decline in exports.
In contrast, imports have risen by 4 percent, with a total of $2 billion worth of goods being imported over the same period. This increase in imports further underscores the challenges faced by the Maldivian export sector amidst shifting economic conditions.
