Maldives: Visió econòmica i política
The Maldives, which is composed of 1,200 islands, depends heavily on trade, which represents around 143% of the GDP (World Bank, latest data available). The state budget relies primarily on revenues from import duties; therefore, tariffs are relatively high (the average applied tariff rate is 11.7% according to the World Bank). However, as part of its trade policy, the government has removed quotas for the majority of products, and customs procedures have been simplified (obtaining an import licence is almost automatic). The State Trading Organisation (STO) remains the country's largest importer, but the government is seeking to include more private partners. Fish products account for almost the entirety of Maldivian exports (93.2% in 2021), while imports are led by hydrocarbons (17.8%), machinery (10.5%), and electrical machinery (8.6% - data ITC).
Thailand is the major destination for exports (46.3% in 2021), followed by Germany (11.5%), the UK (6.9%), France (4.1%), and India (3.9%). For what concerns imports, China (13.3%), Oman (13.1%), the United Arab Emirates (12.6%), India (12.2%), and Singapore (9.5%) are the major countries of origin in 2021 (data ITC). The State Trading Organisation (STO) remains the country's largest importer, but the government is seeking to include more private partners.
The country possesses few raw materials and, as such, relies heavily on imported oil and finished products. As a result, the Maldives imports much more than it exports, which creates a structural trade deficit. According to WTO, in 2021, the Maldives exported USD 285 million worth of goods and imported USD 2.5 billion. Nevertheless, the country is a net service exporter (thanks to tourism): in 2021, exports of services totalled USD 3.6 billion against USD 1 billion in imports. Therefore, the World Bank estimated the trade balance to be positive by 7.5% of GDP in 2021 (compared to a deficit of 18.9% one year earlier, when COVID-19-related restrictions caused a drop in tourism revenues).
Foreign Trade Values | 2017 | 2018 | 2019 | 2020 | 2021 |
Imports of Goods (million USD) | 2,360 | 2,960 | 2,888 | 1,839 | 2,574 |
Exports of Goods (million USD) | 318 | 339 | 361 | 286 | 285 |
Imports of Services (million USD) | 1,279 | 1,328 | 1,326 | 707 | 1,109 |
Exports of Services (million USD) | 2,964 | 3,237 | 3,373 | 1,513 | 3,665 |
Source: World Trade Organisation (WTO) ; Latest available data
Foreign Trade Indicators | 2017 | 2018 | 2019 | 2020 | 2021 |
Foreign Trade (in % of GDP) | 151.6 | 153.8 | 147.9 | 117.8 | 143.1 |
Trade Balance (million USD) | -1,908 | -2,425 | -2,392 | -1,451 | -2,107 |
Trade Balance (Including Service) (million USD) | -182 | -518 | -348 | -662 | 449 |
Imports of Goods and Services (Annual % Change) | 8.2 | 12.8 | -0.3 | -41.1 | 35.2 |
Exports of Goods and Services (Annual % Change) | 7.4 | 10.5 | 6.7 | -51.4 | 89.5 |
Imports of Goods and Services (in % of GDP) | 79.3 | 83.7 | 78.4 | 68.4 | 67.8 |
Exports of Goods and Services (in % of GDP) | 72.3 | 70.1 | 69.4 | 49.4 | 75.3 |
Source: World Bank ; Latest available data
Foreign Trade Forecasts | 2022 | 2023 (e) | 2024 (e) | 2025 (e) | 2026 (e) |
---|---|---|---|---|---|
Volume of exports of goods and services (Annual % change) | 12.5 | 6.4 | 5.4 | 5.9 | 5.1 |
Volume of imports of goods and services (Annual % change) | 29.5 | 2.0 | 4.3 | 4.6 | 1.1 |
Source: IMF, World Economic Outlook ; Latest available data
Note: (e) Estimated Data
Main Customers (% of Exports) |
2021 |
Thailand | 46.4% |
Germany | 11.4% |
United Kingdom | 6.8% |
France | 4.1% |
India | 3.9% |
See More Countries | 27.4% |
Main Suppliers (% of Imports) |
2021 |
Oman | 13.1% |
United Arab Emirates | 13.0% |
China | 12.6% |
India | 12.4% |
Singapore | 10.2% |
See More Countries | 38.8% |
Source: Comtrade, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
Source: Comtrade, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
To go further, check out our service Import Export Flows.
3.2 bn USD of services exported in 2017 | |
87.05% | |
Personal travelPersonal travel | 87.05% |
OtherOther | 87.05% |
9.20% | |
Air transportAir transport | 8.66% |
PassengerPassenger | 4.56% |
OtherOther | 3.50% |
FreightFreight | 0.61% |
Sea transportSea transport | 0.54% |
OtherOther | 0.54% |
3.19% | |
Telecommunications servicesTelecommunications services | 3.14% |
Postal and courier servicesPostal and courier services | 0.05% |
0.30% | |
Construction in the compiling...Construction in the compiling economy | 0.30% |
0.26% |
Source: United Nations Statistics Division, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
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Actualitzacions: May 2023