Export

Imports

International Trade

Reflecting the high dependence of the Maldives on imported goods along with a narrow export base, foreign trade normally records a large deficit. During the last five years domestic exports ranged between 16-22 percent of GDP and consists primarily of fish and fish products and garments, while imports are equivalent to around 70 percent of GDP.

Following exceptionally high exports during the last quarter of 2002, merchandise exports witnessed quarterly record high figures, reaching US$43.5 million during the review quarter. These reflect growths of US$3.8 million relative to the preceding quarter and US$9.8 million compared to the corresponding quarter of 2002 with increases of around 10 percent and 29 percent respectively.

COMPOSITION OF IMPORTS (c.i.f.), 1988 - 2003 (In millions of US dollars)

	2000	2001
Total imports - c.i.f Private imports (including tourism) Private (excluding tourism) Tourism Total public imports (govt + pnfe) PNFE Government Consumer goods Food Items Rice Wheat Sugar Beverages Other food items Tobacco Pharmaceuticals Other consumer goods Petroleum products Petrol Diesel (Marine gas oil) Aviation gas Other petrolium product (Lubricating oil, Kerosene) Intermediate and capital goods Construction Cement & Cement products Wood for construction purposes Base metal & articles of base metal for construction purposes Other construction related Paper Medical / Surgical supplies Computer equipments and supplies Machinery & mechanical appliances Textiles Chemicals & chemical products Transport equipments and parts Other Intermediate and Capital goods	388.6 286.0 219.4 66.6 102.6 89.9 12.7 173.1 87.2 5.8 3.4 2.7 11.8 63.5 4.9 3.8 77.2 45.2 2.6 35.6 2.2 4.8 170.3 37.1 4.6 9.9 8.7 13.9 1.4 1.3 3.8 5.5 29.2 2.9 37.8 51.3	393.5 278.2 214.9 63.3 115.3 93.1 22.1 168.6 84.9 5.2 4.0 3.2 11.4 61.2 4.6 3.8 75.3 45.8 2.9 34.0 5.2 3.7 179.1 40.1 4.7 12.4 10.7 12.3 1.9 1.4 4.3 5.8 24.6 2.8 41.3 56.8
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	2002	2003
Total imports - c.i.f Private imports (including tourism) Private (excluding tourism) Tourism Total public imports (govt + pnfe) PNFE Government Consumer goods Food Items Rice Wheat Sugar Beverages Other food items Tobacco Pharmaceuticals Other consumer goods Petroleum products Petrol Diesel (Marine gas oil) Aviation gas Other petrolium product (Lubricating oil, Kerosene) Intermediate and capital goods Construction Cement & Cement products Wood for construction purposes Base metal & articles of base metal for construction purposes Other construction related Paper Medical / Surgical supplies Computer equipments and supplies Machinery & mechanical appliances Textiles Chemicals & chemical products Transport equipments and parts Other Intermediate and Capital goods	391.7 283.6 223.3 60.3 108.1 90.3 17.8 172.4 83.8 4.5 3.1 2.9 10.9 62.5 5.1 3.9 79.6 50.8 3.7 39.7 2.4 4.9 168.5 41.8 4.9 9.9 9.9 17.0 1.6 1.5 4.8 5.8 30.2 2.8 26.5 53.5	470.8 345.1 264.2 80.9 125.7 97.4 28.3 190.5 93.6 4.2 4.2 2.7 11.9 70.7 5.3 4.2 87.3 55.2 3.8 43.7 2.8 4.8 225.1 50.0 5.2 14.7 13.6 16.5 1.8 2.1 6.8 7.6 32.9 3.3 50.4 70.1

Domestic Exports

Of the components of merchandise exports, domestic exports increased by 20 percent (US$5.0 million) while re-exports declined by 8 percent (US$1.1million) in the review quarter. On annual terms however, both domestic exports and re-exports increased by 27 percent or US$6.3 million and 34 percent or US$3.4 million respectively Of domestic exports, marine exports constituted 72 percent and garments 28 percent, with fish exports (excluding live tropical fish) accounting for over 90 percent of marine exports during the review quarter. The total volume of fish exported (excluding live tropical fish) was significantly high compared to both the preceding quarter and the
corresponding quarter of 2002, by over 40 percent in value terms and by around 85 percent and 49 percent in quantity respectively. In absolute numbers the volume of such exports increased to 21.3 thousand metric tonnes in the review quarter from 11.6 thousand metric tonnes in the previous quarter and 14.3 thousand metric tonnes in the corresponding period of 2002. Similarly, earnings from fish exports (excluding live tropical fish) rose from around US$14.0 million in the first and last quarters of 2002 to around US$20 million in the review quarter.

Export Earnings

Of the major export categories, frozen non-reef fish exports increased significantly both in volume and value terms. The quantity of such exports rose to 17.7 thousand metric tonnes from 7.8 thousand metric tonnes compared to the previous quarter and earnings increased to US$13.7 million from US$7.9 million in the previous quarter.

As result of the higher growth in volume than in value, the unit price of such exports showed a 23 percent decline during the review quarter. On annual terms, exports of frozen non-reef fish registered about 63 percent growth in volume and 70 percent growth in earnings with a 4 percent increase in the unit price. During the review quarter, the volume of canned fish exports stood at 1.6 thousand metric tonnes, the same level as in the preceding quarter, but lower by 0.3 thousand metric tonnes compared to the corresponding quarter of 2002. Earnings from such exports reached US$2.8 million in the review quarter, just a slight decline from US$3.3 million and US$2.9 million registered in the first and fourth quarter of 2002.Hence, the average unit price of canned fish during the review quarter showed around The value of garments exported during the review quarter declined by 12 percent, from US$9.6 million in the preceding quarter to US$ 8.5 million. However, earnings had increased slightly from the US$8.2 million registered in the first quarter of 2002. In volume terms, while garment exports had increased significantly in the last two consecutive quarters, there was a marginal decline of 1 percent in the review quarter.

Major Fish Exports

On a year on year basis, however, garment volumes grew by 48 percent, from 7.0 million pieces in the first quarter of 2002 to 10.4 million pieces in the review quarter. Payments on merchandise imports c.i.f. declined by 9 percent from the preceding.

Hence, the average unit price of canned fish during the review quarter showed around 2 percent decline compared to the previous quarter as well as the first quarter of 2002. The quantity of dried fish exported stood 23 percent lower than the preceding quarter but 11 percent higher than the corresponding quarter of 2002. Income from such exports during the review quarter stood at US$2.0 million, reflecting a quarterly decline of 21 percent with an annual gain of volume and earnings from live tropical fish registered a 61 and 72 percent increase compared to the previous quarter. Likewise quantity and earnings increased by 40 percent and 28 percent against the corresponding quarter of 2002. 14 percent. As such, the gain in unit value against both the quarters remained the same around 3 percent. Meanwhile, export quarter, recording US$104.5 million in the review quarter. This compares with US$115.2 million and US$89.2million in the previous quarter and the corresponding quarter of 2002, respectively. The decrease over the quarter was mainly on account of the decline in the private sector imports (excluding tourism), which accounted for 75 percent of private imports and over 55 percent of total imports, which in turn had decreased by 16 percent (from US$69.7m to US$58.8m) in the review quarter.

Imports By Sectors

However, such imports showed a 25 percent increase when compared with the corresponding quarter of 2002. Reflecting in part, the positive developments in tourist arrivals during the review quarter tourism-related imports, which constituted 25 percent of the private sector imports and 19 percent of total imports, increased both on quarterly and annual terms by 14 percent (from US$17.1m to US$19.5m) and 44 percent (from US$13.6m) respectively. Imports by public sector registered negative growth rates of 8 percent on both quarterly and annual terms totaling US$26.2 million in the review quarter. Of the public sector imports, the value of imports by the public enterprises stood at US$21.4 million, compared to US$24.1 million and US$21.9 million in the first and last quarters of 2002. In contrast, imports by the government stood 10 percent higher than the previous quarter but 29 percent lower than the corresponding quarter of 2002.

Merchandise Trade

Balance of Trade

The merchandise trade balance continues to be a deficit, but showed improvements on a quarterly basis. As such the trade deficit lowered to US$48.4 million in the quarter under review from US$61.7 million in the preceding quarter reflecting a 22 percent reduction. These improvements reflect lower import payments (US$9.5 or 9 percent) concurrent with higher exports receipts (US$3.8 or 10 percent) during the review quarter. However, compared to the corresponding quarter of 2002, though exports had increased by US$9.8 million the trade deficit widened by US$3.7 million or 8 percent on account of an increase in imports of US$13.4 million.

External Assets

Bilateral Exchange Rates

The Net Foreign Assets (NFA) of the banking system rose by 23 percent or by US$29.7 million (Rf380.6 million) in the review quarter compared to a growth 55 percent or US$56.4 million (Rf721.4 million) when compared to the corresponding period of 2002. The quarterly improvement in NFA was largely attributed to the improvement of commercial bank's position from a US$3.8 million (Rf48.8 million) net liabilities position at the end of December 2002 to a net assets position of US$13.6 million Rf174.4 million) at the end of the quarter under review. Meanwhile, MMA's NFA position improved by US$12.3 million (Rf157.4 million) with gross external assets increasing to US$146.8 million (Rf1879.3 million) at the end of the review quarter. On annual terms, gross external assets increased further by US$48.1 million (Rf616.3 million), reflecting a growth of 49 percent. As a result, reserves stood at 4.1 months of merchandise imports at the end of December 2002 and 4.3 at the end of March 2003.

Exchange Rate

The rufiyaa remained pegged to the US dollar at the mid rate of Rf12.80, since the percent devaluation in July 2001, while fluctuating against other major trading currencies, reflecting the movements of US dollar in the international market. Relative to the end of the fourth quarter of 2002, rufiyaa depreciated slightly by less than one percent against Singapore dollar, Sterling pound and the Sri Lankan rupee, while appreciating by 5 percent against the Euro, 2 percent against the Japanese yen and by percent against the Indian rupee. When set against the first quarter of 2002, the rufiyaa strengthened against major trading currencies with the exception Sri Lankan rupee against which rufiyaa depreciated by about 2 percent. As such rufiyaa appreciated significantly against the Euro by 21 percent and against both the Sterling pound and the Japanese yen by 10 percent. The rufiyaa also strengthened by 4 percent against the Singapore dollar and by 3 percent against the Indian rupee.

Exports and Imports

YEAR	EXPORTS	IMPORTS	YEARLY MOVEMENTS
	EXPORTS VALUE FOB ( Rf )	IMPORTS VALUE CIF ( Rf )	Annual Increase Export	Annual Increase Import
1999 2000 2001 2002 2003	752,706,147.91 896,824,012.64 937,324,924.91 1,161,683,429.77 1,445,921,945.31	4,733,417,608.24 4,573,654,601.33 4,741,041,517.66 5,014,044,535.02 6,026,025,596.09	-14% 19% 5% 24% 24%	14% -3% 4% 6% 20%

EXPORTS BY COMMODITY 2002 &2003 (In F.O.B. value in Rufiyaa '000)
Description	2002 Quantity	Value in Rf. '000	2003 Quantity	Value in Rf. '000
Total		1,161,683.43		1,445,921.95
Marine products		716,705.98		978,777.57
Fresh or chilled Tuna (Metric tons)	3,100.96	131,179.40	4,990.43	193,598.78
Fresh or Chilled Yellowfin Tuna Fresh or Chilled Yellowfin Tuna lions Fresh or chilled Skipjack Fresh Or Chilled Bigeye Tunas Fresh or chilled Tunas Nes Big Eye Tuna Loins (Fresh Or Chilled) Fresh or Chilled Skipjack lions	2,666.55 9.97 1.24 - 423.17 - 0.03	107,974.46 859.01 66.38 - 22,276.81 - 2.74	3,657.64 169.03 281.04 615.13 266.66 0.92 -	128,909.67 9,817.29 1,879.53 37,089.33 15,866.91 36.05 -
Fresh Or Chilled Reef Fish (Metric tons)	574.93	21,278.22	602.47	25,072.89
Grouper (Fresh or Chilled) Marlin (Fresh or Chilled) Reef Fish (Fresh or Chilled) Marlin Loin (Fresh Or Chilled) Shark (Fresh or Chilled) Reef Fish Loins ( Fresh Or Chilled ) Reef Fish Fillets ( Fresh Or Chilled )	211.18 113.44 249.55 - 0.76 - -	14,943.25 3,421.73 2,859.79 - 53.45 - -	219.10 130.69 238.45 13.23 0.83 0.16 0.01	18,913.30 1,900.19 3,085.36 1,114.87 50.85 8.18 0.14
Frozen Fish (Metric tons)	28,147.31	222,043.69	47,609.01	347,509.14
Frozen Yellowfin Tuna Frozen Skipjack Reef Fish ( Frozen ) Not Specified Marlin ( Frozen ) Yellowfin Tuna Loins (Frozen) Frozen Albacore Or Longfinned Tunas Frozen Bigeye Tunas Frozen , Tunas , Nes Shark Fins ( Frozen )	2,494.41 25,018.71 19.52 25.15 - - - 587.59 1.94	24,362.20 190,769.45 110.37 403.24 - - - 4,608.92 1,789.52	9,947.35 37,275.73 2.32 213.67 1.38 3.03 123.95 41.59 -	80,531.53 260,509.75 18.94 3,801.08 38.98 46.77 1,824.84 737.25 -
Tuna (In Brine) (Metric tons)	-	-	0.30	38.16
Yellowfin Tuna Loins(Dried,Salted,In Brine)	-	-	0.30	38.16
Dried Tuna (Metric tons)	5,815.03	115,843.55	6,519.89	130,785.30
Fish ( Dried , Whether Or Not Salted But Not Smoked ) Not Spe Skipjack (Dried)	- 5,815.03	- 115,843.55	0.18 6,519.71	9.35 130,775.95

IMPORTS BY COUNTRY OF CONSIGNMENT, 1999 - 2003 (In C.I.F. value in Rufiyaa '000)
Country	2001	2002	2003
Total	4,741,041.52	5,014,044.54	6,026,025.60
Europe	616,748.67	62,314.71	724,457.35
Asia	3,317,827.32	3,479,221.95	4,229,504.90
Bangladesh Bhutan Brunei Darussalam China Hongkong India Indonesia Japan Malaysia Myanmar Nepal Korea (North) Pakistan Phillipines Singapore South Korea Sri Lanka Taiwan Thailand Vietnam	84.63 - - 19,017.09 53,920.55 502,400.32 176,058.12 107,687.99 421,174.33 - - - 18,205.49 7,768.03 1,204,311.19 13,488.64 619,660.11 25,202.88 148,846.62 1.31	3.43 - - 34,678.15 115,571.02 536,485.64 156,586.44 91,265.71 260,110.71 - 205.13 - 19,443.37 5,210.60 1,293,582.94 22,773.29 761,859.79 14,426.05 167,017.75 1.92	11.44 4.11 36,981.12 123,401.81 611,124.36 158,736.21 132,527.82 462,974.66 - 29.87 22,261.29 7,495.88 1,498,351.00 21,871.00 828,019.10 19,875.88 305,770.06 69.31
Africa	23,277.86	31,749.53	177,392.70
Middle East	429,607.33	412,511.89	490,424.10
Saudi Arabia U.A.E	8,978.76 397,536.87	6,578.50 358,482.78	5,267.59 455,615.66
America	179,535.81	154,090.59	169,026.55

IMPORTS CLASSIFIED BY HARMONIZED SYSTEM , 2002 - 2003 CIF Value in Rf (000)
Classified at Harmonised System Chapter level
	2002	%	2003	%
TOTAL	5,014,045	100	6,026,026	100
Section I
LIVE ANIMALS; ANIMAL PRODUCTS	292,739	5.84	329,907	5.47
Live animals Meat and edible meat offals Fish and crustaceans and molluscs and other aquatic invertebrates Dairy produce; birds' eggs; natural honey;edible products of animal orig Products of animal origin, not elsewhere specified	573 97,840 35,193 159,119 15	0.01 1.95 0.70 3.17 0.00	245 108,993 39,122 181,527 21
VEGETABLE PRODUCTS	370,770	7.39	412,702	6.85
Coffee, tea, mate and spices Cereals	26,971 58,021	0.54 1.16	28,460 54,619	0.47 0.91
ANIMAL AND VEGETABLE FATS AND OILS AND THEIR CLEAVAGE PRODUCTS;PREPARED EDIBLE FATS;ANIMAL OR VEGETABLE WAXES	38,899	0.78	45,103	0.75
MINERAL PRODUCTS	819,194	16.34	880,195	14.61
Salt, sulphur, earths and stones; plastering materials,lime and cement	163,048	3.25	169,726	2.82
PRODUCTS OF THE CHEMICAL & ALLIED INDUSTRIES	271,465	5.41	313,523	5.20
Organic chemicals Pharmaceutical products Fertilizers	1,540 48,947 3,751	0.03 0.98 0.07	2,539 52,910 5,321	0.04 0.88 0.09
PLASTIC & ARTICLES THEREOF; RUBBER & ARTICLES THEREOF RAW HIDES & SKINS, LEATHER, FURSKINS & ARTICLES THERE OF;SADDLERY AND HARNESS;TRAVEL GOODS,HANDBAGS AND SIMILAR CONTAINERS;ARTICLES OF ANIMAL GUT(OTHER THAN SILK-WORM GUT) WOOD; ARTICLES OF WOOD; WOOD CHARCOAL; CORK & ARTICLES OF CORK;MANUFACTURES OF STRAW,OF ESPARTO OR OF OTHER PLAITING MATERIALS;BASKETWARE AND WIKERWORK PULP OF WOOD OR OF OTHER FIBROUS CELLULOSIC MATERIAL;RECOVERED(WASTE AND SCRAP)PAPER OR PAPERBOARD;PAPER AND PAPERBOARD AND ARTICLES THEREOF TEXTILES AND TEXTILE ARTICLES	128,172 7,299 141,481 127,282 593,934	2.56 0.15 2.82 2.54 11.85	147,109 7,369 205,004 151,602 639,584	2.44 0.12 3.40 2.52 10.61
Silk Wool, fine or coarse animal hair;horsehair yarn and woven fabric Cotton	414 159 167,292	0.01 0.00 3.34	858 270 210,212	0.01 0.00 3.49
FOOTWARE, HEADGEAR, UMBRELLAS, SUNUMBRELLAS,WALKING-STICKS,SEAT-STICKS,WHIPS,RIDING-CROPS AND PARTS THEREOF;PREPARED FEATHERS AND ARTICLES MADE THEREWITH;ARTIFICIAL FLOWERS;ARTICLES OF HUMAN HAIR ARTICLES OF STONE, PLASTER, CEMENT, ASBESTOS ,MICA OR SIMILAR MATERIALS;CERAMIC PRODUCTS;GLASS AND GLASSWARE NATURAL OR CULTURES PEARLS, PRECIOUS AND SEMI-PRECIOUS STONES, PRECIOUS METALS,METALS CLAD WITH PRECIOUS METAL AND ARTICLES THERFOF;IMITATION JEWELLERY;COIN BASE METAL AND ARTICLES OF BASE METAL	25,997 89,521 10,388 250,128	0.52 1.79 0.21 4.99	26,208 118,729 14,076 325,896	0.43 1.97 0.23 5.41
Iron and steel Articles of iron or steel	95,338 90,749	1.90 1.81	111,758 114,866	1.85 1.91
MACHINERY & MECHANICAL APPLIANCES; ELECTRICAL EQUIPMENT;PARTS THEREOF;SOUND RECORDERS AND REPRODUCERS,TELEVISION IMAGE AND SOUND RECORDERS AND REPRODUCERS,AND PARTS AND ACCESSORIES OF SUCH ARTICLES	930,560	18.56	1,151,318	19.11
Nuclear reactors, boilers, machinery & mechanical appliances; parts thereof	490,247	9.78	652,146	10.82
VEHICLES, AIRCRAFT, VESSELS AND ASSOCIATED TRANSPORT EQUIPMENT	203,136	4.05	490,353	8.14

INTERNAT IONAL TRADE, 1996-2002 In millions of US dollars

SUMMARY OF BALANCE OF PAYMENTS, 1986 - 2003

ITEM	1986	1987	1988
Current account balance Trade balance Merchandise Exports f.o.b Domestic exports Re-exports 1/ Merchandise Imports f.o.b 2/ Services (net) Receipts (total) Payments (total) Non-factor services Receipts Of which: Travel 3/ 4/ 5/ Payments 6/ Factor services Receipts Payments Unrequited transfers (net) Official 7/ Private Nonmonetary capital (net) Official medium-and long-term Disbursements Amortization Private capital incl. net errors/ommissions 8/ Overall balance Monetary movements Maldives Monetary Authority Assets Liabilities Commercial banks Other 9/	-0.3 -31.8 31.2 24.5 6.7 -63.0 23.7 66.8 -43.1 42.1 65.4 44.8 -23.2 -18.5 1.4 -19.9 7.8 9.3 -1.5 3.6 -3.4 7.9 -11.3 7.0 3.3 -3.3 -4.0 -2.3 -1.6 -5.9 6.5	8.1 -26.7 39.8 30.8 9.0 -66.5 27.4 72.7 -45.3 43.0 71.4 49.0 -28.4 -15.6 1.3 -16.9 7.3 9.7 -2.4 3.4 -0.3 4.1 -4.4 3.7 11.5 -11.5 -3.0 -1.2 -1.7 -8.5 0.0	9.0 -33.0 54.3 40.2 14.1 -87.3 35.5 75.6 -40.1 45.2 73.6 55.0 -28.5 -9.7 2.0 -11.7 6.5 11.5 -5.0 5.1 -2.2 4.6 -6.8 7.3 14.1 -14.1 -13.5 -13.6 0.1 -0.6 0.0
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ITEM	1989	1990	1991
Current account balance Trade balance Merchandise Exports f.o.b Domestic exports Re-exports 1/ Merchandise Imports f.o.b 2/ Services (net) Receipts (total) Payments (total) Non-factor services Receipts Of which: Travel 3/ 4/ 5/ Payments 6/ Factor services Receipts Payments Unrequited transfers (net) Official 7/ Private Nonmonetary capital (net) Official medium-and long-term Disbursements Amortization Private capital incl. net errors/ommissions 8/ Overall balance Monetary movements Maldives Monetary Authority Assets Liabilities Commercial banks Other 9/	10.6 -47.6 63.7 44.7 19.0 -111.3 45.0 90.2 -45.2 57.5 86.4 73.4 -28.9 -12.5 3.8 -16.3 13.2 18.3 -5.1 -14.7 1.0 8.2 -7.2 -15.7 -4.1 4.1 -2.3 -2.3 0.0 6.4 0.0	9.9 -43.2 78.0 53.3 24.7 -121.2 49.3 105.8 -56.5 63.1 101.1 88.7 -38.0 -13.8 4.7 -18.5 3.8 11.2 -7.4 -8.3 5.1 11.9 -6.8 -13.4 1.6 -1.6 0.3 0.3 0.0 -2.6 0.8	-9.0 -65.6 76.2 53.7 22.5 -141.8 51.1 111.9 -60.8 65.9 108.1 95.3 -42.1 -14.8 3.8 -18.6 5.5 22.1 -16.6 20.3 11.6 16.7 -5.2 8.8 11.4 -11.4 1.0 1.0 0.0 -12.3 0.0
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ITEM	1992	1993	1994
Current account balance Trade balance Merchandise Exports f.o.b Domestic exports Re-exports 1/ Merchandise Imports f.o.b 2/ Services (net) Receipts (total) Payments (total) Non-factor services Receipts Of which: Travel 3/ 4/ 5/ Payments 6/ Factor services Receipts Payments Unrequited transfers (net) Official 7/ Private Nonmonetary capital (net) Official medium-and long-term Disbursements Amortization Private capital incl. net errors/ommissions 8/ Overall balance Monetary movements Maldives Monetary Authority Assets Liabilities Commercial banks Other 9/	-19.6 -102.8 65.1 39.7 25.4 -167.9 87.8 157.2 -69.4 104.9 154.3 138.0 -49.4 -17.1 2.9 -20.0 -4.6 14.3 -18.9 20.7 17.1 22.6 -5.5 17.5 -13.9 1.1 -1.1 -3.6 -3.6 0.0 2.5 0.0	-53.8 -125.0 52.7 34.6 18.1 -177.8 84.4 163.7 -79.2 103.4 160.7 146.4 -57.2 -19.0 3.0 -22.0 -13.2 13.3 -26.5 37.9 3.8 9.8 -6.0 20.7 13.4 -15.9 15.9 15.3 0.1 15.2 0.6 0.0	-11.1 -119.6 75.4 47.9 27.6 -195.1 114.4 201.2 -86.8 134.6 197.4 180.7 -62.8 -20.2 3.8 -24.0 -5.9 16.3 -22.2 19.2 8.2 14.8 -6.6 13.1 -2.1 8.1 -8.1 -4.7 -5.5 0.8 -3.3 0.0
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ITEM	1995	1996	1997
Current account balance Trade balance Merchandise Exports f.o.b Domestic exports Re-exports 1/ Merchandise Imports f.o.b 2/ Services (net) Receipts (total) Payments (total) Non-factor services Receipts Of which: Travel 3/ 4/ 5/ Payments 6/ Factor services Receipts Payments Unrequited transfers (net) Official 7/ Private Nonmonetary capital (net) Official medium-and long-term Disbursements Amortization Private capital incl. net errors/ommissions 8/ Overall balance Monetary movements Maldives Monetary Authority Assets Liabilities Commercial banks Other 9/	-18.2 -150.8 85.0 49.6 35.4 -235.8 136.1 237.3 -101.2 156.1 232.8 210.7 -76.7 -20.0 4.5 -24.5 -3.6 23.0 -26.6 33.5 24.8 31.9 -7.2 33.6 -24.9 15.3 -15.3 -17.2 -17.3 0.1 1.9 0.0	-7.4 -185.6 79.9 59.2 20.8 -265.5 179.2 295.0 -115.8 201.1 289.0 265.6 -87.9 -21.9 6.0 -27.8 -1.1 26.2 -27.3 51.1 17.3 25.2 -7.9 41.0 -7.1 43.7 -43.7 -28.3 -28.3 0.0 -15.4 0.0	-34.7 -217.3 89.7 69.9 19.7 -307.0 190.5 319.7 -129.1 218.0 312.2 286.0 -94.2 -27.4 7.5 -34.9 -7.9 20.0 -27.9 62.1 6.6 30.7 -24.2 42.9 12.6 27.4 -27.4 -37.5 -22.1 -15.3 10.1 0.0
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ITEM	1998	1999	2000
Current account balance Trade balance Merchandise Exports f.o.b Domestic exports Re-exports 1/ Merchandise Imports f.o.b 2/ Services (net) Receipts (total) Payments (total) Non-factor services Receipts Of which: Travel 3/ 4/ 5/ Payments 6/ Factor services Receipts Payments Unrequited transfers (net) Official 7/ Private Nonmonetary capital (net) Official medium-and long-term Disbursements Amortization Private capital incl. net errors/ommissions 8/ Overall balance Monetary movements Maldives Monetary Authority Assets Liabilities Commercial banks Other 9/	-21.9 -215.9 95.6 74.3 21.3 -311.5 204.3 339.9 -135.6 232.4 331.3 303.0 -98.9 -28.2 8.6 -36.8 -10.3 20.3 -30.6 50.9 14.6 25.7 -11.1 42.9 -6.6 29.1 -29.1 -20.2 -20.2 0.0 -8.8 0.0	-78.9 -262.4 91.5 63.7 27.8 -353.9 203.6 351.8 -148.2 234.6 342.8 313.5 -108.1 -31.0 9.0 -40.1 -20.1 20.4 -40.5 71.7 5.2 17.6 -12.5 42.9 23.6 -7.2 7.2 -8.6 -8.6 0.0 15.8 0.0	-51.5 -233.3 108.7 75.9 32.8 -342.0 208.8 358.8 -150.0 238.8 348.5 320.7 -109.7 -30.0 10.3 -40.3 -27.0 19.3 -46.2 43.5 -1.9 12.4 -14.3 25.6 19.9 -7.9 7.9 4.4 4.4 0.0 3.5 0.0
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ITEM	2001	2002	2003
Current account balance Trade balance Merchandise Exports f.o.b Domestic exports Re-exports 1/ Merchandise Imports f.o.b 2/ Services (net) Receipts (total) Payments (total) Non-factor services Receipts Of which: Travel 3/ 4/ 5/ Payments 6/ Factor services Receipts Payments Unrequited transfers (net) Official 7/ Private Nonmonetary capital (net) Official medium-and long-term Disbursements Amortization Private capital incl. net errors/ommissions 8/ Overall balance Monetary movements Maldives Monetary Authority Assets Liabilities Commercial banks Other 9/	-58.7 -236.0 110.2 76.2 34.0 -346.3 207.0 362.2 -155.2 244.2 354.1 327.1 -109.8 -37.2 8.2 -45.4 -29.7 19.9 -49.6 37.3 7.8 23.4 -15.6 24.3 5.2 -21.4 21.4 29.7 29.8 -0.1 -8.3 0.0	-35.7 -212.4 132.3 90.4 41.9 -344.7 216.3 368.5 -152.2 251.7 362.9 337.1 -111.1 -35.4 5.6 -41.1 -39.6 10.6 -50.2 75.5 26.8 43.5 -16.7 33.9 14.9 39.8 -39.8 -40.2 -40.2 0.0 0.4 0.0	-48.1 -257.9 149.2 111.4 37.9 -407.2 256.0 419.5 -163.5 295.6 415.1 387.8 -119.6 -39.6 4.4 -44.0 -46.1 8.7 -54.8 103.6 33.8 51.1 -17.4 56.8 13.0 55.5 -55.5 -30.5 -30.5 0.0 -25.0 0.0
Note: Decimal places might differ due to rounding off 1/ Jet fuel has been removed from services receipts and included in re-exports in the whole series; currency has been deducted from re-exports from 1996 onwards, aviation gas from 2001 onwards and foreign bank cheques (dispatched for collection) from 2002 onwards. 2/ Goverment imports have been adjusted upward in 1993 and 2001. 3/ Average daily expenditure of tourists on tour packages has been upwardly revised from 1996 onwards after consultation with industry officials 4/ From 1995 onwards, tourist arrivals figures reflect immigration statistics. Prior to this, tourist arrivals included total visitor arrivals less arrivals from Sri Lanka, India, Bangladesh and Philippines 5/ In 1999 and 2000 average daily expenditure of tourists on tour packages has been adjusted downwards after consultation with industry officials, to reflect the reduction in room rates effected following the sharpe increase in capacity during the period 6/ Service payments have been increased to reflect 15 percent of loan disbursements as consultancy & other service related expenditures from 1993 onwards 7/ The source of official transfers has been changed from MOFT to DER from 1994 onwards, as DER includes more components of grant aid than MOFT MOFT only includes cash and commodity grants 8/ Private capital movements have been separated from net errors/omissions from 1992 onwards 9/ In 1990 reflects delayed debt service payments to Kuwait Development Fund on account of transaction difficulties during the gulf war

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