The revenue from import duties for January 2016 had an increase of MVR 25 million. Compared to the same period, previous year, this is a 16 percent increase.
Last January, Customs had earned a total of MVR 182.2 million as import duties and other fees. In 2015 January, the figure was at MVR 157.6 million.
Even though the profits had increased, the CIF and FOB for the same period had decreased compared to the same period one year back. In 2015 January, products valued at MVR 2.88 billion were imported, while CIF was MVR 2.46 million. This is a decrease of MVR 420 million, 15 percent.
Customs attributed the lower CIF to the lower global oil prices. Customs add that figures were distorted, as an MVR 431 million plane was imported in January.
Food items accounted for the biggest share of CIF last January, with MVR 517 million. Machinery accounted for the second highest share with MVR 441.4 million. Oil accounted for third highest share, with 10 percent of total import or MVR 234.8 million of CIF.
Exports had dipped in the same comparison period. In 2016 January, MVR 276.5 million of products were exported, while in the same period in 2015, products worth MVR 320.1 million was exported. This is a dip of 14 percent.
Singapore, UAE, India, China and Sri Lanka were the biggest importers. Thailand, Sri Lanka, France, Germany and USA were the largest export markets.
MVR 25 million bump in January import duties
