| Step | USD | MVR | Basis |
|---|---|---|---|
| FOB Korea (wholesale) | 8.60 | — | 50 per cent of the USD 17.21 list price — Q-depot bulk terms |
| Cost basis used | — | 174 | wholesale % of RRP — the more conservative of the two routes |
| Freight, weight-rated | 0.128 | — | 142 g × USD 0.90/kg |
| CIF at Malé | 8.73 | — | — |
| Import duty | 0.00 | — | 0% MFN — National Tariff 2026 |
| Revenue fee + clearing | 0.26 | — | 1% customs value + 2% CIF |
| Landed cost | 8.99 | 174 | Converted at the blended effective rate |
| Shelf price (GST-incl) | — | 339 | observed Maldivian shelf price |
| Net of GST | — | 314 | 8% general sector |
| Gross profit per unit | — | 140 | 44.5% margin · MVR 0.98 per gram |
Effective FX of MVR 19.37 per USD assumes 35% of dollar requirements met at the official MVR 15.42 and the balance at the parallel MVR 21.50. Converting at the peg alone would understate this landed cost by about a third.