Xifres de comerç exterior de les Maldives

Foreign Trade in Figures

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 10.6% 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 license 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% in 2023), while imports are led by hydrocarbons (22%), transport equipment (19%), food items (19%), and machinery (8% - data Maldives Monetary Authority 2023).

In 2023, the Asian market maintained its dominance as the primary export destination for Maldivian exports, holding a significant share of 66%. Following closely was the European market, capturing a share of 31% during the same period. Within the Asian market, Thailand emerged as the leading export destination, constituting 54% of total Maldivian exports in 2023, marking an increase from 49% in 2022. Meanwhile, the share of exports to India experienced a slight decline, reaching 3%. Furthermore, the UK emerged as the top European export market, representing 14% of total Maldivian exports in 2023—an impressive rise from the 9% recorded in 2022. Following behind, Germany and France constituted the second and third largest export markets from the region, respectively. In terms of import sources, the majority, constituting 84% of total imports, originated from Asia. India led the way, contributing the highest share of imports to the Maldives at 16%, followed by Oman and the United Arab Emirates (UAE). Imports from Europe, accounting for 9% of the total, experienced a decline of 7% (equivalent to USD 24.3 million) during the year. Among European suppliers, while Germany witnessed a notable increase in imports to the Maldives, this growth was somewhat mitigated by declines in imports from France and the Netherlands (data Maldives Monetary Authority).

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 the Maldives Monetary Authority, in 2023, total merchandise exports, comprising domestic exports (38%) and re-exports (62%), saw a 5% increase, totaling USD 421.4 million. This uptick was primarily fueled by a significant rise in re-exports earnings. Conversely, total merchandise imports (c.i.f) experienced a marginal 1% decrease, totaling USD 3.5 billion by the end of 2023 compared to the previous year. The decline in merchandise imports was chiefly driven by a notable 9% decrease in import expenditure on all petroleum products, especially diesel (marine gas oil), reflecting the global decline in crude oil prices during the year. Despite a slight increase in the volume of such imports, the average global crude oil prices dropped to USD 80.8 per barrel in 2023, down from USD 97.1 per barrel in 2022. As a tourism-dependent economy, the surplus on the services account plays a crucial role in the Maldives' current account. In 2023, however, the surplus on the services account decreased by USD 333.9 million, amounting to a total of USD 2.8 billion, down from an estimated USD 3.1 billion in the previous year.