According to data released by the Maldives Monetary Authority (MMA), the Maldives recorded a 12.2 per cent year-on-year increase in total exports, marking a notable rise in the country’s export activity.

Between January and April of the most recent reporting year, the total value of exported goods stood at USD 164.5 million (approximately MVR 2.5 billion). This compares with exports worth USD 146.6 million over the same period the previous year. Imports during the same timeframe amounted to USD 184.6 million (MVR 2.8 billion).

A significant contributor to this overall export growth was the sharp increase in domestic product exports, which rose by 36.6 per cent year-on-year. From January to April last year, exports of local products were valued at USD 41 million (MVR 632 million). This figure rose to USD 56.1 million (MVR 865 million) in the same period this year.

Among domestic exports, the fisheries sector played a pivotal role. Fish and related products, the Maldives' primary export commodity, generated USD 52.5 million in export revenue by the end of April this year, up from USD 37 million in the previous year - an increase of 42.1 per cent.

Reexport activity - goods imported into the Maldives and subsequently exported also saw a year-on-year rise, albeit more modest. During the first four months of the current fiscal year, reexports reached USD 128.6 million (MVR 1.98 billion), compared to USD 123.5 million (MVR 1.9 billion) in the same period last year. This represents a 4.1 per cent increase.