Business

Maldives inland, trade revenue drop sharply in June

MALE, July 14 (Xinhua) — Maldives inland revenue dropped 83 per cent while import and export revenue fell 21 per cent in June compared to the same period last year, local media citing official data reported here Tuesday.

Data from the Maldives Inland Revenue Authority (MIRA) showed that total revenue collected in June 2019 fell 83 per cent from 103.9 million U.S. dollars in June 2019 to 17.9 million U.S. dollars in June 2020.

The sharp decline was attributed to a lockdown imposed on the Greater Male area starting April 15 to contain the COVID-19 outbreak.

Meanwhile, data published by the Maldives Customs Service (MCS) showed that total revenue received from import duty and other fees declined to 13.7 million U.S. dollars in June 2020 compared to 17.27 million U.S. dollars in June 2019.

Similarly, the total value of goods imported into the country declined 36 per cent to 136 million U.S. dollars, compared to 214 million U.S. dollars in the same period last year.

Movement of vessels into and out of Maldives also noted year-on-year declines in June, with only 64 vessels arriving and 74 departings compared to 79 arrivals and 92 departures in the same period last year.

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Source URL: Google News

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