Trade data for November 2024 reveals a challenging period for the Maldives’ economy, with a significant drop in fish exports and a reduction in overall import levels, particularly in fuel. According to the Maldives Customs Service (MCS), the country's revenue from import-export activities reached approximately USD 16.1 million last month.

Excluding fuel, imports remained stable compared to the same period last year, totaling USD 220.5 million. However, including fuel imports, the total value of imports dropped to USD 259.4 million, a decrease from USD 278.9 million in November 2023.

The primary imports in November were machinery and electrical equipment, fuel products, and food items, which collectively accounted for USD 32.4 million. The largest share of imports came from China, India, Singapore, Malaysia, and the UAE, with China contributing USD 39.4 million, followed by India at USD 37.7 million.

On the export front, the Maldives saw a sharp decline in fish exports, which fell from USD 14 million in November 2023 to just USD 7.8 million in November 2024. This decline reflects ongoing struggles in the Maldives’ key export sector, further impacting the trade balance.

These shifts in both imports and exports highlight the economic challenges the Maldives faces, particularly in the fisheries and fuel sectors.