logo-footer.png (2)

Analysis and Studies - Country Analysis

Maldives: a look at the market

By SkyMinder Sales Enablement Team June 17th 2024

The Maldives, whose capital is Malé, is an archipelago in the Indian Oceans which has been shaped by a rich tapestry of cultural influences over the centuries. Indeed it was a stopover for ancient maritime trade routes, becoming a melting pot of South Asian, Arab and African cultures.

After being a sultanate for many centuries, the country became a British protectorate in 1887 and a presidential republic in 1968. But it wasn’t until 2005 that political parties were legalized, as a consequence of a liberalization process started in 2003, after 30 years of a president elected by single party-referendums.

Today is considered a symbol of resilience due to the capacity to preserve its unique natural heritage while facing contemporary challenges such as climate change.

Maldives has a high level of specialization in Planes, Helicopters, and/or Spacecraft ($433M), Non-fillet Frozen Fish ($94.4M), Processed Fish ($35M), Fish Fillets ($23,3M), and Fish: dried, salted, smoked or in brine ($4.28M).

 

In 2022 Maldives was the 166th economy in the world in terms of total exports and the 153rd in total imports.

The top exports of Maldives were Planes, Helicopters, and/or Spacecraft ($433M), Non-fillet Frozen Fish ($94.4M), Petroleum Gas ($40.5M), Processed Fish ($35M), and Fish Fillets ($23.3M), exporting mostly to India (70.8%), Thailand (11.5%), Germany (2.54%), Oman (2.07%), and United Kingdom (2.03%).

 The Maldives has a diversified export portfolio, balancing aircraft-related products, and marine goods. While the country's exports of aircraft products are heavily reliant on a single market, its marine goods are well distributed across various destinations, reflecting a broad international reach.

India stands out as the Maldives' predominant trading partner, receiving 70.8% of its total exports and being the destination for the most significant products. This dependence highlights a robust bilateral trade relationship, likely driven by geographical proximity, economic ties, and possibly geopolitical factors. The Maldives also maintains diversified trade connections with various European countries and the United States, particularly in the export of processed fish and fish fillets.

  1. Planes, Helicopter etc (62.9%): 100% India
  2. Non-fillet frozen fish (13.7%): 82.9% Thailand, 11.1% Mauritius, 1.7% Vietnam, 1.17% France, 0.9% Japan, 0.38% Hong Kong
  3. Petroleum Gas (5.87%): 64.8% India, 35.2% Oman
  4. Processed Fish (5.07%): 36.7% Germany, 35.9% United Kingdom, 9.09% Switzerland, 7.36% Netherlands, 4.38% Norway, 1.49% Japan
  5. Fish Fillets (3.38%): 24.7% Italy, 21.4% France, 18.3% Germany, 6.6% Switzerland, 6.6% United States, 4.93% Thailand, 2.52% Mauritius, 2.19% United Kingdom

The most imported product was Refined Petroleum ($499M), Planes, Helicopters, and/or Spacecraft ($112M), Broadcasting Equipment ($87.6M), Petroleum Gas ($79M), and Raw Iron Bars ($62.1M), importing mostly from India (16.5%), China (15.5%), United Arab Emirates (9.67%), Oman (9.01%), and Malaysia (6.37%).

Imports of the Maldives reflect a need for essential goods and advanced technology from a diverse range of suppliers. The reliance on India is significant in both profiles, but the import portfolio also highlights strong trade ties with China, the United Arab Emirates, Oman, and Malaysia.

The country has a very diversified portfolio: indeed the most significant product is only 14.1% of the imports. Its relationships are balanced between energy need and technological and industrial goods. India and China represents the key markets but the last one is not much present as regards the percentage of destinations for the most imported products: only for broadcasting equipment, indicating the strong trade in the field of technology and communication.

  1. Refined Petroleum (14.1%): 48% Oman, 15.2% Malaysia, 14.9% Singapore, 11.5% India, 8.54% United Arab Emirates
  2. Planes, Helicopter etc. (3.15%): 78.1% France, 7.67% United States, 5.19% Canada, 4.84% Australia, 2.48% South Africa, 0.73% India, 0.17% United Arab Emirates
  3. Broadcasting Equipment (2.47%): 53.8% United Arab Emirates, 33.3% China, 2.88% United States, 2.73% Singapore, 0.49% Malaysia
  4. Petroleum Gas (2.22%): 53.8% Oman, 37.3% United States, 3.41% Saudi Arabia, 1.27% United Arab Emirates
  5. Raw Iron Bars (1.75%): 52.7% India, 31.9% United Arab Emirates, 10.3% Sri Lanka, 2.59% Malaysia

Between 2021 and 2022, as far as concerns the exports, the country which has a fastest growth was India, with an increase of $434M, followed by Thailand ($11.4M) and Oman ($11.4M).

 

 

  1. India: from $53.6M to $488M
  2. Thailand: from $68M to $79.4M
  3. Oman: from $2.85M to $14.3M

Whereas the country which grew the fastest in imports was China, with an increase of $168M, ahead of India ($144M) and France ($96.8M).

 

 

  1. China: from $384M to $552M
  2. India: from $440M to $584M
  3. France: from $29.8M to $127M

Sources: 

https://oec.world/en

https://www.cia.gov/the-world-factbook/countries/