Government revenue from import duties, fees and charges increase in 2014

IMPORT_REVENUE_RISEGovernment revenue from import duties, fees and charges increased 22% in 2014 compared to the previous year, the Maldives Customs Service has revealed.

While customs collected a total of MVR1.96 billion during the year, the total C.I.F (cost, insurance and freight) value of goods imported in 2014 was MVR30.7 billion – a 15% rise or MVR4 billion higher than 2014.

Petroleum products comprised more than a quarter of goods imported in 2014.

Almost MVR 6 billion worth of food items (19%) and MVR4.8 billion worth of machinery and electronic equipment (16%) were also imported during the year.

Exports in 2014 meanwhile declined by 14% compared to the previous year. The total FOB (free on board) value exported in 2014 dropped to MVR2.24 billion from MVR2.56 billion in 2013.

Customs also revealed that 65% of goods imported last year were sourced from UAE, Singapore, Malaysia, India, and Sri Lanka.

In April, the People’s Majlis approved government-sponsored amendments to the Export-Import Act and raised tariffs for a range of items.

According to the Maldives Monetary Authority (MMA), gross international reserves stood at US$547 million at the end of November 2014 – equivalent to 3.3 months of imports.

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