Market research

Wood fuel market in Maldives

Release date: Mar 30, 2026

Submission: 15 minutes after payment

Research period: 2017-2025

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Earlier Report Observations

From 2018 to 2021, the wood fuel market in Maldives contracted from 18 595 m³ to 17 752 m³. This decline was driven by the depletion of local wood resources and restrictions on tree cutting, which pushed households toward alternative cooking fuels like kerosene and LPG. The Maldives Energy Act of 2021 further encouraged a shift to renewable energy sources, reducing reliance on traditional wood fuel.

Market volume jumped sharply to 22 855 m³ in 2022, propelled by a surge in imports to 6 104 m³. By 2023, the market corrected to 19 013 m³ as wood and wood charcoal imports fell by 22% in value terms. This drop coincided with global fuel price increases linked to geopolitical conflicts, which made imported wood fuel more expensive and less attractive to consumers.

Throughout the period, state-owned State Trading Organization (STO) remained a key player in fuel supply, while evolving subsidy policies and the national Energy Policy 2024–2029 promoted renewable alternatives. Global price volatility and the ongoing depletion of wood resources continued to shape import levels and overall market size.

Table of content

1. Disclaimer
2. Terms of use of the report
3. Product codes in the statistical classifications used in the report
4. Key Market Indicators and Trends
1. 4.1. Key Market Indicators
  1. 4.1.1. In kind
    1. 4.1.1.1. Production, 2018-2023
    2. 4.1.1.2. Imports, 2018-2024
    3. 4.1.1.3. Exports, 2018-2024
    4. 4.1.1.4. Market size, 2018-2023
2. 4.2. Market Trends and Factors
5. Production
1. 5.1. Production in Maldives
  1. 5.1.1. Annual dynamics of production in Maldives in kind, 2018-2023, m³
  2. 5.1.2. Annual dynamics of production in Maldives in value, 2018-2023, $ US
2. 5.2. Global production by Country, 2018-2023
  1. 5.2.1. Annual dynamics of production by macroregions in kind, 2018-2023, m³
  2. 5.2.2. Dynamics of production structure by macroregions in kind, 2018-2023
  3. 5.2.3. Annual dynamics of production by country in kind, 2018-2023, m³
  4. 5.2.4. Structure of production by countries in kind, 2018-2023
  5. 5.2.5. Dynamics of peoduction structure by countries in kind, 2018-2023
6. Imports
1. 6.1. Imports (Direct Data)
  1. 6.1.1. Imports - Total information
  2. 6.1.2. Imports in kind, m³
    1. 6.1.2.1. Annual dynamics of product's imports to Maldives in kind, 2018-2024, m³
    2. 6.1.2.2. Dynamics of product's imports in kind to Maldives by countries, 2018-2024, m³
    3. 6.1.2.3. Structure of product's imports in kind by countries, 2018-2024
  3. 6.1.3. Imports in value, K $ US
    1. 6.1.3.1. Annual dynamics of product's imports to Maldives in value, 2018-2024, K $ US
    2. 6.1.3.2. Dynamics of product's imports in value to Maldives by countries, 2018-2024, K $ US
    3. 6.1.3.3. Structure of product's imports in value by countries, 2018-2024
  4. 6.1.4. Average price of product's imports, $ US/m³
    1. 6.1.4.1. Annual dynamics of average price of product's imports to Maldives, 2018-2024, $ US/m³
    2. 6.1.4.2. Dynamics of average price of product's imports to Maldives by countries, 2018-2024, $ US/m³
2. 6.2. Imports (Mirror Data)
  1. 6.2.1. Imports - Total information
  2. 6.2.2. Imports in kind, m³
    1. 6.2.2.1. Annual dynamics of product's imports to Maldives in kind, 2018-2024, m³
    2. 6.2.2.2. Dynamics of product's imports in kind to Maldives by countries, 2018-2024, m³
    3. 6.2.2.3. Structure of product's imports in kind by countries, 2018-2024
  3. 6.2.3. Imports in value, K $ US
    1. 6.2.3.1. Annual dynamics of product's imports to Maldives in value, 2018-2024, K $ US
    2. 6.2.3.2. Dynamics of product's imports in value to Maldives by countries, 2018-2024, K $ US
    3. 6.2.3.3. Structure of product's imports in value by countries, 2018-2024
  4. 6.2.4. Average price of product's imports, $ US/m³
    1. 6.2.4.1. Annual dynamics of average price of product's imports to Maldives, 2018-2024, $ US/m³
    2. 6.2.4.2. Dynamics of average price of product's imports to Maldives by countries, 2018-2024, $ US/m³
7. Trade balance
1. 7.1. Trade balance (Direct Data)
  1. 7.1.1. In kind, m³
  2. 7.1.2. In value, K $ US
2. 7.2. Trade balance (Mirror Data)
  1. 7.2.1. In kind, m³
  2. 7.2.2. In value, K $ US
8. Top buying and selling countries, 2018-2024
1. 8.1. Direct Data
  1. 8.1.1. Import in Value by Countries-buyers
  2. 8.1.2. Export in Value by Countries-suppliers
2. 8.2. Mirror Data
  1. 8.2.1. Import in Value by Countries-buyers
  2. 8.2.2. Export in Value by Countries-suppliers

Production wood fuel in Maldives

In kind, 2017-2020, m³

Top producers of wood fuel, 2017-2020

Source: SHEV.io

World map of production of wood fuel, 2017-2020

Source: SHEV.io

Wood fuel production in the Maldives increased for the third consecutive year. In 2020, production reached 16 589 m³, showing no significant change from 2019.

Annual dynamics of production in Maldives in kind, 2017-2020, m³

Parameter		2018	2019	2020	CAGR
1	Change from last year	0.5%	0.5%	0.5%	0.5%

Source: SHEV.io

Exports wood fuel from Maldives

Based on available market data, there were no exports of wood fuel from the Maldives between 2017 and 2020.

Imports wood fuel to Maldives

Imports in kind, m³

Wood fuel imports to the Maldives showed notable fluctuations during this period. The lowest point was in 2017, while imports peaked in 2018 at 2 158 m³. In 2020, imports reached 1 627 m³, marking a slight 0.7% increase from 2019. The largest decline occurred in 2019, falling by 25.1%, while the most significant increase was in 2018, surging by 236.7%. Overall, imports in 2018 were 3.4 times higher than in 2017.

Annual dynamics of product's imports to Maldives in kind, 2017-2020, m³

Parameter		2018	2019	2020	CAGR
1	Change from last year	236.7%	(25.1%)	0.7%	36.4%

Source: SHEV.io

From 2017 to 2020, the main sources of wood fuel imports to the Maldives were Thailand, accounting for 51.0% of imports, Sri Lanka with 25.9%, and Japan at 8.5%. Together, these three countries represented 85.4% of total imports.

Structure of product's imports in kind by countries, 2017-2020

Source: SHEV.io

World map of product's imports to Maldives in kind, 2017-2020

Source: SHEV.io

Imports in value, K $ US

After rising for two years, the value of wood fuel imports to the Maldives declined. In 2020, imports were recorded at 254.5 K $ US, a decrease of 60.1% compared to 2019. The highest value was in 2019 at 637.5 K $ US, which also saw the largest increase of 46.0%. Over the 2017-2020 period, imports fell by 35.1%, with a compound annual growth rate (CAGR) of -13.4%.

Annual dynamics of product's imports to Maldives in value, 2017-2020, K $ US

Parameter		2018	2019	2020	CAGR
1	Change from last year	11.3%	46.0%	(60.1%)	(13.4%)

Source: SHEV.io

Between 2017 and 2020, Thailand contributed 51.1% of the value of wood fuel imports to the Maldives, followed by Sri Lanka at 10.0% and Japan at 8.9%. Combined, these three countries accounted for 69.9% of total import value.

Structure of product's imports in value by countries, 2017-2020

Source: SHEV.io

World map of product's imports to Maldives in value, 2017-2020

Source: SHEV.io