Fisheries Sector Faces Major Decline as Catch Drops By 42%

Fish production in the Maldives has dropped by 42% this year, with a significant decline in the quantity of fish harvested for processing and a reduction in fish exports. 

According to the Maldives Monetary Authority (MMA), the overall amount of fish caught from January to August 2024 decreased by 42.3% compared to the same period last year.

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The MMA’s monthly economic statistics show that 36,710 metric tonnes of fish were harvested in the first eight months of this year, a sharp drop from the 63,588 metric tonnes caught during the same period in 2023.

Notably, the catch of skip jack tuna and yellowfin tuna has also seen considerable declines. Skipjack tuna catches fell by 46.6%, with 29,013 metric tonnes sold this year compared to 54,334 metric tonnes last year. Similarly, yellowfin tuna production dropped by 16.6%, with 7,586 metric tonnes caught this year, down from 9,098 metric tonnes in 2023.

The decrease in fish sold for processing has also led to a significant reduction in fish exports. The volume of fish products exported dropped by almost half compared to last year. Only 30,241 metric tonnes were exported in the first eight months compared to 56,678 metric tonnes for the same period this year. This includes a notable 45% decline in the export of frozen or fresh eel and blackfish, with seafood exports falling from 45,612.9 metric tonnes in 2023 to 25,088.1 metric tonnes this year.

The drop in tuna catches and exports followed the government’s decision in July to lower the price paid per kilogram. MIFCO, the state-owned fisheries company, said this adjustment was necessary to align with market rates and remain financially viable. The government