Imports, exports rise in 2012 as current account deficit worsens
03 Dec 2012, 1:12 PM
Imports in the first ten months of 2012 increased by 18 percent compared to the same period last year, the Maldives Customs Service (MCS) has revealed.
In a press release on Thursday, MCS explained that while goods worth MVR 16.25 billion (US$1 billion) were imported in the first ten months of 2011, the figure as of the end of October 2012 was MVR 19.22 billion (US$1.2 billion).
However, as a result of import duty reductions approved by parliament in late 2011, income from import duties decreased by 50 percent compared to the same period in 2011.
“While MVR 2.09 billion (US$135.5 million) was received as import duties by October last year, import duties received in the same period this year was MVR 1.05 billion (US$68 million),” the press release stated.
Become a member
Get full access to our archive and personalise your experience.
Already a member?
Discussion
No comments yet. Be the first to share your thoughts!
No comments yet. Be the first to join the conversation!
Join the Conversation
Sign in to share your thoughts under an alias and take part in the discussion. Independent journalism thrives on open, respectful debate — your voice matters.
