Maldives' Re-Export Business Sees Significant Growth Despite Decline in Fishing Sector Exports

The Maldives Monetary Authority (MMA) has reported a notable increase in the country’s re-export business, with the total value of re-exports reaching USD 199.8 million in the first eight months of 2024. This marks an increase of USD 36 million compared to the same period last year.

Jet fuel has been the largest contributor to this growth, accounting for USD 146.9 million of re-export revenue, a significant increase of USD 22.7 million from the January-August period in 2023. The rise in jet fuel re-exports highlights the Maldives' growing role as a strategic hub for aviation fuel distribution in the region.

Despite the surge in re-export activities, the Maldives' fishing sector exports have declined sharply. The value of marine fish products dropped to USD 59.5 million as of August 2024, compared to USD 108.5 million during the same period last year. The decline in fish exports underscores the challenges faced by the fishing industry, traditionally one of the key contributors to the Maldivian economy.

The total value of goods exported from the Maldives, including both re-exports and fish products, amounted to USD 266.5 million by the end of August this year. However, this reflects a decline of USD 13.5 million compared to the previous year, pointing to a broader contraction in the country's export sector despite the re-export growth.

The MMA has highlighted these trends as part of its broader economic outlook, emphasizing the need for diversification and strategic improvements in key sectors such as fisheries to offset the fluctuations in global trade.