MMA report: Chinese arrivals rebound in August, as fish exports boom in the Maldives

Generic Resort HMMEAugust witnessed an increase in tourist arrivals totalling 110,144, according to the Maldives Monetary Authority’s (MMA) Monthly Statistics report. Arrivals rose in comparison to July by 5,627. Arrivals rose in annual terms by 2.2 per cent. Contributing to the annual growth was an increase in arrivals from Europe, Middle East, South Asia, and China. Although July had seen a 4 per cent fall in Chinese arrivals in comparison to July 2014, August saw these figures rebound, with a 7.8 per cent increase in Chinese arrivals in comparison to August 2014.

August also saw a decline of 3.6 per cent in total bednights in annual terms owing mainly to the fall in the average duration of stay from 6.0 to 5.5 days. Partly reflecting this, the occupancy rate across the industry declined somewhat to 71 per cent in August this year, from 75.2 per cent in the same month last year.

The volume of fish exports in August increased to 5,616 metric tonnes, in comparison to just 863 tonnes in July. The volume of fish exports for the month grew astronomically in annual terms, by 407 per cent. Contributing to this are significant increases in the export of fresh, chilled or frozen tuna and other fish and the growth in exports of processed fish.

The inflation rate decelerated from 1.7 per cent in July to 1.5 in August, spurred by a fall in prices of some household appliances, furnishings and furniture.

Registering a 23 per cent increase in annual terms, gross international reserves stood at USD 667.4 million at the end of August, of which usable reserves amounted to USD 212.6 million.

The bilateral exchange rate of the Rufiyaa appreciated in annual terms against the Singapore dollar, the Indian rupee, the Sri Lankan rupee the sterling pound and the euro during August 2015. In monthly terms, the rufiyaa appreciated against the Indian rupee, the Singapore dollar, the sterling pound and the Sri Lankan rupee while depreciating against the euro.