Tuna Sold to MIFCO See Significant Declines in 2024

Tuna sales to the state-owned Maldives Industrial Fisheries Company (MIFCO) have seen a significant drop in the first nine months of this year, according to statistics released by the company.

Up until October, fishers sold 28,115 metric tonnes of tuna to MIFCO, a notable decrease from the 48,810 metric tonnes sold during the same period last year.

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The decline became more pronounced from July onwards, following MIFCO’s announcement of a reduction in the rate of tuna purchases to match international market prices. In July, only 247 metric tonnes were sold to the company, compared to 1,831 metric tonnes sold in July 2023.

The current administration has faced challenges with the fishing community over reduced prices, delays in payments, and a proposed bill to reopen the longline fishery without consulting yellowfin tuna fishers.
In a statement today, MIFCO said it is working to settle all outstanding payments to fishers as of October.