Maldives fishing industry observes positive growth in Q2-2021

Photo: The Maldives Expert

As per the latest updates from Maldives Monetary Authority (MMA), the island nation’s fishing industry observed positive growth during the second quarter of 2021.

Moreover, this growth is reflected from the increased fish purchases from processing companies as well as the increment in the volume of fish exports.

Furthermore, MMA confirms an increment by 35% in the total fish purchases which is 16,221.7 metric tons; which comes majorly from the 89% increase in the purchase of skipjack tuna.

Though skipjack tuna purchases picked up, yellowfin tuna purchases observed a dwindle of 61% during the second quarter.

Meanwhile, the decision to abandon fixed rate of fish purchases by Maldives Industrial Fisheries Company (MIFCO) had further pushed down the prices from the fish.

According to MMA statistics, purchase price of skipjack tuna dipped to MVR14 per kilogram in the review quarter from MVR18 per kilogram in the corresponding quarter of 2020.

On the other hand, purchase price of iced skipjack tuna dropped to MVR16 per kilogram in Q2-2021 from MVR20 per kilogram in Q2-2020.

However, purchase prices saw an increase of MVR89.6 per kilogram for yellowfin tuna in the second quarter of the current year from MVR63.2 per kilogram in the same quarter last year.

The volume of fish exports saw a significant increase to hit 21,758.2 metric tons in the second quarter from 13,744.7 metric tons in the corresponding quarter in 2020.