Fish Exports Plummets in First Quarter of 2024

The amount of fish exported from the Maldives has seen a record 48 per cent decline in the first quarter of 2024.

Data released by the Maldives Monetary Authority reveals a stark downturn in export figures, with January witnessing a 47.7 per cent reduction compared to last year. This trend persisted in February, with exports decreasing by 14.4 per cent.

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March, coinciding with the onset of Ramadan, saw a sharp decline, with exports plummeting by 68.4 per cent.

The total volume of fish exported from the Maldives in the first three months of 2024 amounted to 14,400 metric tonnes, a notable decrease from the 27,700 metric tonnes recorded during the corresponding period in the previous year.

The export of fresh, chilled, or frozen tuna suffered a substantial decline of 50.8 per cent, with only 12,041 metric tonnes exported in the first quarter of 2024 compared to 24,500 metric tonnes in the same period last year.

Similarly, the export of canned fish saw a reduction, with 1904 metric tonnes shipped in the first three months of this year, down from 2561 metric tonnes in the preceding year.

14,400 metric tonnes of fish were exported from the Maldives in the first three months of this year as opposed to 27,700 metric tonnes in the same period last year.

The decline of fish exports this year follows the privately owned Ensis Fisheries Group closing their cannery late last year after the government increased the price of buying fish to MVR 25 per kg.

Fisher-led protests temporarily shut down the fish factory in Kooddoo in February following the delayed settlement of payments owed to fishers by the state-owned Maldives Industrial Fisheries Company (MIFCO).