Maldives flag Maldives: Economic and Political Overview

Foreign trade figures of the 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 20172018201920202021
Imports of Goods (million USD) 2,3602,9602,8881,8392,574
Exports of Goods (million USD) 318339361286285
Imports of Services (million USD) 1,2791,3281,3267071,109
Exports of Services (million USD) 2,9643,2373,3731,5133,665

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

Foreign Trade Indicators 20172018201920202021
Foreign Trade (in % of GDP) 151.6153.8147.9117.8143.1
Trade Balance (million USD) -1,908-2,425-2,392-1,451-2,107
Trade Balance (Including Service) (million USD) -182-518-348-662449
Imports of Goods and Services (Annual % Change) 8.212.8-0.3-41.135.2
Exports of Goods and Services (Annual % Change) 7.410.56.7-51.489.5
Imports of Goods and Services (in % of GDP) 79.383.778.468.467.8
Exports of Goods and Services (in % of GDP) 72.370.169.449.475.3

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20222023 (e)2024 (e)2025 (e)2026 (e)
Volume of exports of goods and services (Annual % change) 12.56.45.45.95.1
Volume of imports of goods and services (Annual % change) 29.52.04.34.61.1

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)
2021
Thailand 46.4%
Germany 11.4%
United Kingdom 6.8%
France 4.1%
India 3.9%
See More Countries 27.4%
Main Suppliers
(% of Imports)
2021
Oman 13.1%
United Arab Emirates 13.0%
China 12.6%
India 12.4%
Singapore 10.2%
See More Countries 38.8%

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 2021
Frozen fish (excl. fish fillets and other fish...Frozen fish (excl. fish fillets and other fish meat of heading 0304) 52.1%
Prepared or preserved fish; caviar and caviar...Prepared or preserved fish; caviar and caviar substitutes prepared from fish eggs 21.3%
Fish fillets and other fish meat, whether or not...Fish fillets and other fish meat, whether or not minced, fresh, chilled or frozen 11.9%
Fish, fresh or chilled (excl. fish fillets and...Fish, fresh or chilled (excl. fish fillets and other fish meat of heading 0304) 4.4%
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) 3.5%
See More Products 6.8%
2.6 bn USD of products imported in 2021
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 17.1%
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) 2.3%
Medicaments consisting of mixed or unmixed...Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses "incl. those in the form of transdermal administration" or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006) 1.6%
Parts of aircraft and spacecraft of heading 8801...Parts of aircraft and spacecraft of heading 8801 or 8802, n.e.s. 1.4%
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 1.3%
See More Products 76.3%

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.

Return to top

Any Comment About This Content? Report It to Us.

 

© eexpand, All Rights Reserved.
Latest Update: November 2023

Return to top