Maldivian Fish Exports Plummet 62 Percent in First Half of Year

The Maldives saw a sharp decline in fish exports during the first six months of the year, with total volumes dropping by 62 percent compared to the same period last year. According to new statistics from the Maldives Monetary Authority (MMA), the country exported 16,991 metric tonnes of fish, a significant fall from the 44,791 metric tonnes recorded during the first half of the previous year. Fresh and chilled products continue to dominate the export market but suffered the steepest losses. Exports in this category fell 67 percent, dropping from 40,659 metric tonnes to 13,083 metric tonnes. Skipjack tuna, the cornerstone of the industry, saw the most dramatic decrease; 10,603 metric tonnes were exported, marking a 70 percent decline from the 36,112 metric tonnes shipped during the corresponding period in 2023. Processed exports also trended downward. Canned fish exports declined by 11 percent, with 2,702 metric tonnes shipped compared to 3,056 metric tonnes last year. The MMA attributed this overall downturn to a general reduction in fishing activity across the archipelago during the first half of the year. Despite the drop in volume, the market saw a rise in commodity prices. The purchasing price for skipjack tuna paid by the Maldives Industrial Fisheries Company Limited (MIFCO) and private buyers climbed from USD 1.04 per kilogramme at the start of the year to USD 1.30 per kilogramme. This volatility comes as the government seeks to transform the fisheries sector into one of the nation's primary revenue-generating industries. The current administration has pledged to overhaul fisheries facilities and resolve systemic industry challenges within its first three years in office to ensure long-term economic stability for fishing communities.