Maldives Monetary Authority (MMA) has revealed the total merchandise exports grew by 4% in annual terms and totalled USD 88.8 million in the first quarter of 2018. The total merchandise exports comprising of domestic exports and re-exports grew by USD 3.3 million in annual terms in the first quarter of 2018, according to Quarterly Economic Bulletin of MMA. This was entirely on the back of a 29% growth in re-exports as domestic exports posted an 11% decline during the quarter.
The annual increase in re-exports was largely due to the growth in jet-fuel sold to aircrafts at international airports, reflecting the recovery in global oil prices. As for the annual decline in domestic exports, MMA said it was predominantly due to a fall in fish exports during the period. The annual decline in fish exports was largely due to a drop in earnings from frozen yellowfin tuna and frozen skipjack tuna exports.
Earnings from frozen yellowfin tuna exports decreased by 55% in annual terms, despite a considerable annual increase in the volume of frozen yellowfin tuna exports. This was largely attributed to lower yellowfin tuna prices in the international market during the period. Meanwhile, the report showed earnings from frozen skipjack tuna exports declined by 16% during, largely reflecting a fall in the volume of such exports.
However, this decline was partly offset by an increase in the volume and earnings of canned or pouched tuna exports during the quarter.
As for total merchandise imports, it recorded an upsurge of 33% during first quarter when compared with the corresponding quarter of 2017. This was largely contributed by an increase in the import of construction-related items which recorded a significant growth of 64% in annual terms.
Additionally, MMA noted a substantial growth was recorded for the import of petroleum products, particularly diesel and petrol, reflecting the recovery in global oil prices. Further, import of machinery and mechanical appliances and parts; and food items also increased during the quarter by 62% and 11%, respectively.