Maldives flag Maldives: Visió econòmica i política

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 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 20182019202020212022
Imports of Goods (million USD) 2,9602,8881,8382,5733,516
Exports of Goods (million USD) 339361286285400
Imports of Services (million USD) 1,3381,3377401,0921,589
Exports of Services (million USD) 3,2453,3811,5293,6994,696

Source: World Trade Organisation (WTO) ; Latest available data

Foreign Trade Indicators 20182019202020212022
Foreign Trade (in % of GDP) 153.8147.9117.8143.1n/a
Trade Balance (million USD) -2,425-2,392-1,451-2,107-2,916
Trade Balance (Including Service) (million USD) -518-348-662501191
Imports of Goods and Services (Annual % Change) 12.8-0.3-41.135.2n/a
Exports of Goods and Services (Annual % Change) 10.56.7-51.489.5n/a
Imports of Goods and Services (in % of GDP) 83.778.468.467.8n/a
Exports of Goods and Services (in % of GDP) 70.169.449.475.3n/a

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20232024 (e)2025 (e)2026 (e)2027 (e)
Volume of exports of goods and services (Annual % change) -4.610.45.74.95.3
Volume of imports of goods and services (Annual % change) -0.76.65.71.75.5

Source: IMF, World Economic Outlook ; Latest available data

Note: (e) Estimated Data

 
International Economic Cooperation
Member of South Asian Association for Regional Corporation (SAARC)
 

Main Partner Countries

Main Customers
(% of Exports)
2022
Thailand 49.1%
Germany 9.5%
United Kingdom 8.5%
Mauritius 5.4%
India 4.1%
See More Countries 23.3%
Main Suppliers
(% of Imports)
2022
Oman 18.2%
China 15.9%
India 13.8%
Malaysia 6.6%
United Arab Emirates 5.7%
See More Countries 39.7%

Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

0.2 bn USD of products exported in 2022
Frozen fish (excl. fish fillets and other fish...Frozen fish (excl. fish fillets and other fish meat of heading 0304) 57.1%
Prepared or preserved fish; caviar and caviar...Prepared or preserved fish; caviar and caviar substitutes prepared from fish eggs 20.9%
Fish fillets and other fish meat, whether or not...Fish fillets and other fish meat, whether or not minced, fresh, chilled or frozen 8.8%
Fish, fresh or chilled (excl. fish fillets and...Fish, fresh or chilled (excl. fish fillets and other fish meat of heading 0304) 3.5%
Ferrous waste and scrap; remelting scrap ingots of...Ferrous waste and scrap; remelting scrap ingots of iron or steel (excl. slag, scale and other waste from the production of iron or steel; radioactive waste and scrap; fragments of pigs, blocks or other primary forms of pig iron or spiegeleisen) 3.1%
See More Products 6.6%
3.5 bn USD of products imported in 2022
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 23.1%
Powered aircraft "e.g. helicopters and aeroplanes...Powered aircraft "e.g. helicopters and aeroplanes"; spacecraft, incl. satellites, and suborbital and spacecraft launch vehicles 2.0%
Telephone sets, incl. telephones for cellular...Telephone sets, incl. telephones for cellular networks or for other wireless networks; other apparatus for the transmission or reception of voice, images or other data, incl. apparatus for communication in a wired or wireless network [such as a local or wide area network]; parts thereof (excl. than transmission or reception apparatus of heading 8443, 8525, 8527 or 8528) 1.9%
Insulated "incl. enamelled or anodised" wire,...Insulated "incl. enamelled or anodised" wire, cable "incl. coaxial cable" and other insulated electric conductors, whether or not fitted with connectors; optical fibre cables, made up of individually sheathed fibres, whether or not assembled with electric conductors or fitted with connectors 1.6%
Bars and rods, of iron or non-alloy steel, not...Bars and rods, of iron or non-alloy steel, not further worked than forged, hot-rolled, hot-drawn or hot-extruded, but incl. those twisted after rolling (excl. in irregularly wound coils) 1.5%
See More Products 69.9%

Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

To go further, check out our service Import Export Flows.

 

Main Services

4.7 bn USD of services exported in 2022
95.79%
2.84%
0.84%
0.31%
0.22%
n/a%
1.6 bn USD of services imported in 2022
34.41%
29.48%
19.40%
6.08%
3.97%
3.66%
1.77%
0.95%
0.26%
0.02%
n/a%

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: November 2023

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