Fish exports observe significant drop in Q1-2024

Photo: Ministry of Fisheries and Ocean Resources

Maldives fish exports saw a noticeable decline in the first quarter of 2024, registering a 43.9% drop compared to the corresponding quarter last year.

According to statistics revealed by the Maldives Monetary Authority (MMA) fish exports reached a total of USD 28.4 million in the review quarter, dropping from USD 50.7 million in the same quarter in 2023.

Moreover, the overall fish purchases in the review quarter saw a significant 33.5% decline which stood at a positive 34.3% in the corresponding quarter last year. Individually, skipjack tuna purchases for the quarter saw a 33.0% decline, while yellowfin tuna purchases dropped 36.4% – which are two of the most exported fish commodities by the Maldives.

Meanwhile, the international market prices for skipjack tuna dropped from MVR 29.3 per kilogram in the first quarter of 2023 to MVR 20.0 per kilogram in Q1-2024.

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