Imports from the United Arab Emirates (UAE) and China saw significant increases in 2024, according to data from the Maldives Monetary Authority (MMA).

The shift marks a notable change in the Maldives' trade dynamics, with UAE overtaking India, the previous largest exporter to the nation.

The UAE recorded a 41.3 per cent rise in exports to the Maldives, with goods valued at USD 592.1 million in 2024, up from USD 419 million in 2023.

China, meanwhile, posted a 15.5 per cent increase, exporting goods worth USD 409.9 million last year compared to USD 354.7 million the previous year.

In contrast, imports from India fell by 13.2 per cent, with the total value dropping from USD 500 million in 2023 to USD 434.6 million in 2024.

The increase in imports from China is expected to grow further with the implementation of the China-Maldives Free Trade Agreement (FTA) on January 1, 2025.

The agreement enables Chinese goods to enter the Maldives duty-free and facilitates the tariff-free export of Maldivian products, such as fish and fish products, to China.

The FTA is anticipated to strengthen trade ties between the two nations and make essential goods more affordable in the Maldivian market.