Maldives fisheries industry shows mixed development in Q3-2021


Fisheries industry activities observed mixed developments during the third quarter of 2021, reported Maldives Monetary Authority (MMA).

The mixed development comes due to the decline of fish purchases made by local fish processing companies while volume of fish exported increased during the review quarter.

Meanwhile, total fish purchases declined by 34% which accounts for a total of 14,186.3 metric tons, owing to the major decline in the purchase of skipjack tuna by 35%.

Purchases in yellowfin tuna declined by 31% during Q3-2021 while the abandonment of fixed rate purchases by Maldives Industrial Fisheries Company (MIFCO) resulted in the continued decline in fish prices.

Furthermore, purchase price of skipjack tuna dropped to MVR14 per kg from MVR18 per kg in Q3-2020.

On the other hand, prices on iced skipjack tuna declined to MVR16 per kg from MVR20 per kg during the review quarter. Meanwhile, the average purchase price on yellowfin tuna increased annually to MVR88.8 per kg during Q3-2021 from MVR51.6 per kg in the same quarter in 2020.

Moreover, volume of fish exports increased strongly reaching an 87% bump (8,919.7 metric tons) reaching a total of 19,222.0 metric tons compared to the corresponding quarter in 2020.

Volume of fish exports primarily reflected the growth in the volume of exports in frozen skipjack tuna by 123% while yellowfin tuna volume increased by 296%.