Fisheries sector of Maldives contracts in Q4-2019

The fisheries industry of Maldives contracted during the final quarter of 2019 according to Maldives Monetary Authority (MMA).

The decline comes mainly due to the drop in both fish purchases by fish processing companies as well as from the decline in volume of fish exports.

The sector had observed positive growth rates in the preceding quarters before fish purchase rates by fish processing companies dropped by 15% in annual terms which totaled 21,233.3 metric tons in Q4-2019.

This decline is attributed by the significant drop in the purchases of skipjack tuna, which was however partially offset by the increase in the purchases of yellowfin tuna.

Though the preceding third quarter observed positive growth rates, the review quarter observed a drop by 44% in the volume of fish exports, which totaled 13,321.7 metric tons.

The volume of fish exports declined since the export volume of frozen skipjack tuna dropped significantly followed by the drop in canned and pouched tuna exports.

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