The Maldives has witnessed a sharp drop in exports in January 2025, with the total value falling by 29 million Maldivian Rufiya compared to the same month last year. Goods worth 144 million Rufiya were exported, down from 173 million in January last year.

The decline in exports also impacted the Maldives Customs Service, which recorded a revenue drop of 86 million Rufiya. Customs revenue fell to MVR 287 million in January 2025 from MVR 373 million in the previous year. The decrease is being attributed to the Free Trade Agreement (FTA) with China, under which import duties were waived on many Chinese goods starting this year, however, Economic Minister Mohamed Saeed has denied any connection between the FTA and falling revenues.

While imports rose slightly to MVR 5.2 billion, the overall trade imbalance reflects the island nation’s growing financial challenges. The declining export earnings and reduced customs revenue highlight the economic pressures facing the Maldives amid increasing reliance on imports.