Imports from China to Maldives Surge by 55% in January Following FTA Implementation

Imports from China to the Maldives saw a significant increase of 55% in January, following the implementation of the China-Maldives Free Trade Agreement (FTA).

Customs statistics reveal that goods worth one billion rufiyaa were imported to the Maldives from China last January, up from 671 million rufiyaa in January of the previous year. As a result, China has become the second-largest source of imports to the Maldives in January this year, compared to its fourth-place position in January of last year.

The China-Maldives FTA, which came into effect earlier this year, allows for duties to be waived on certain types of goods imported from China. This move has greatly boosted trade between the two countries. Economic Minister Mohamed Saeed indicated that prior to the FTA, trade between the Maldives and China amounted to 700 million dollars annually. With the FTA in place, this figure is projected to reach one billion dollars.