Total exports drop by 45% in November: MMA

People seen near a harbor in Male’ | Photo: Corporate Maldives

Male’, Maldives – Total exports in November 2020 have declined by 45 percent when compared with November 2019, according to the December 2020 Economic Update published by the Maldives Monetary Authority’s (MMA) Research Division.

The report stated that total imports also observed a significant annual decline of 49 percent during the same period. And in monthly terms, total exports declined by 13percent, while total imports increased by 2 percent.

MMA attributed the annual decline in total exports to both the decrease in re-exports and to a declining domestic exports. Despite an increase in canned or pouched tuna as well as fresh or chilled yellowfin tuna, a glaring decrease in export revenue from frozen yellowfin and skipjack tuna caused the reduction in domestic exports.

The report noted that “As for the annual decline in total imports, the most significant decreases were observed in the imports of transport equipment and parts; construction related items; petroleum products; and food items, although the decline was broad-based across all major import categories. In contrast, import of medical and surgical supplies observed a growth during the review month.”

MMA revealed that from January to November 2020, total exports have decreased by 22 percent, while total imports decreased by 36 percent when compared with the same period in 2019.

The report also revealed that according to the advance estimate of the Quarterly National Accounts for Q2-2020 released by the National Bureau of Statistics, real GDP declined significantly by 51.6 percent in Q2-2020, when compared with the same quarter a year ago

The marked decline in growth during Q2-2020 reflected the adverse effects of the spread of COVID-19 on the main sectors of the economy including tourism; transport and communication; wholesale and retail trade; and construction sector, explained MMA. However, the report added that, going forward, real GDP is projected to grow by 13.5 percent in 2021.