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The exports from the Maldives have recorded a downfall of 43% in the first quarter of 2020.
The quarterly report of Maldives Monetary Authority (MMA) states the Maldives exported goods worth USD 4.62 million during the first quarter of the year, which is a decrease of 43% compared to the same period of last year.
The quarterly economic bulletin showed that re-export and domestic export also decreased during the said period. Domestic exports mainly consisted of fish products and only USD 714,000 was received from domestic exports in the first quarter. MMA stated it is a decrease of 21% when compared to the USD 2.7 million received from domestic exports in the first quarter of last year.
The statistics revealed a major decline in the export of Yellowfin Tuna and processed fish products. In the first quarter, only USD 532,000 was generated from exporting Yellowfin Tuna which is a decrease of 38% compared to the first quarter of last year. MMA revealed USD 227,000 was generated by exporting processed fish products which is a decrease of 28% compared to the same period of 2019.