In a significant development aimed at strengthening trade relations, the Indian government has announced that essential commodities previously subject to restrictions can now be exported to the Maldives from Kandla and Vishakhapatnam ports. This update, applicable for the financial year 2024-25, brings the total number of ports authorized for these exports to six.
The Directorate General of Foreign Trade (DGFT) has confirmed that Kandla and Vishakhapatnam are now officially added to the list of ports permitted for the export of essential commodities to the Maldives. This decision is expected to further enhance trade between the two nations.
Bilateral trade between India and the Maldives has demonstrated positive growth, with total trade reaching USD 978.56 million in the 2023-24 fiscal year, an increase from USD 973.37 million the previous year. India's exports to the Maldives have notably risen to USD 892 million from USD 476.75 million in the prior fiscal year.
Indian exports to the Maldives encompass a wide range of products, including industrial goods, pharmaceuticals, radar equipment, aggregates, cement, and various agricultural products such as rice, spices, fruits, vegetables, and poultry. Conversely, imports from the Maldives mainly include scrap metals.
This expansion in export opportunities comes amid evolving diplomatic relations between the two countries. Since the appointment of the new Maldivian President in November last year, who has exhibited a pro-China stance, adjustments have been made in military cooperation. Despite these changes, including the transition from military to civilian personnel, both nations continue to maintain robust diplomatic and economic engagement.
The recent visit of the Maldivian President to New Delhi in June, his first since assuming office, highlights the ongoing commitment to strengthening bilateral ties.
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