Expenditure on goods imported into the Maldives surged by 28.8% during the first half of this year compared to the same period last year, according to the latest statistics from the Maldives Monetary Authority (MMA).

Reports from the central bank indicate that by the end of June 2026, the Maldives spent a total of MVR 2.2 billion on imports. This represents a significant increase of MVR 494.9 million compared to the MVR 1.7 billion spent during the corresponding period in the previous year. The primary driver of this expenditure was the import of petroleum products, which alone accounted for MVR 618.8 million—a staggering 87.6% increase.

A detailed breakdown of fuel expenditure reveals that diesel imports incurred the highest cost at MVR 473.4 million. Furthermore, spending on petrol rose by 128%, reaching MVR 95.1 million. Authorities attribute these sharp increases to rising international oil prices triggered by ongoing instability in the Middle East and logistical challenges within the Strait of Hormuz.

Food imports also saw an upward trend, with MVR 415.7 million spent in the first six months of the year, marking a 7.7% increase. Specifically, the cost of importing meat, fish, and various seafood products rose from MVR 74.1 million to MVR 82.8 million.

Economic experts warn that the escalating cost of imports will intensify the demand for foreign currency. This trend is expected to place additional pressure on the central bank to provide US Dollars to businesses heavily reliant on imports.