Import duty spikes by 36 percent in January

Goods being loaded into a boat at Male Commercial Harbour. PHOTO: NISHAN ALI/MIHAARU


With an increase of 36 percent in Cost, Insurance and Freight (CIF), the Maldives earned MVR 226 million as Import Duty and other fees in January this year, according to Maldives Customs Service.

Custom’s official statistics released Monday show that the Maldives imported goods worth MVR 2.4 billion last year January, while the record increased this year to MVR 3.3 billion.

According to the statistics, 18 percent of last month’s goods in terms of cost were imported from the United Arab Emirates (UAE), followed by Singapore at 13 percent and India at 11 percent.

Customs stated that Import Duty and other fees at MVR 226 million last month had increased by 25 percent compared to January 2016’s record of MVR 181 million.

The amount of goods exported from the Maldives last month had also increased by 137 percent. Goods worth MVR 265 million were exported in January last year in comparison with the MVR 633 million exported last month.

The main goods exported from the Maldives are fish products, with 69 percent exported to Thailand last January.

Source URL: Mihaaru-Business

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