Maldivian Fisheries Recover as Daily Tuna Purchases Hit 50 Metric Tonnes

Fishing activity in the Maldives is rebounding after a sharp seasonal decline, with the Maldives Industrial Fisheries Company (MIFCO) reporting daily tuna purchases averaging 50 metric tonnes. The state-owned company expects volumes to rise further as weather conditions stabilize following a challenging June. The recovery comes after a significant downturn during the south-west monsoon, a period traditionally marked by rough seas and lower fish abundance. This seasonal slump was starkly reflected in the payouts to local fishermen; June saw the lowest monthly earnings of the year at USD 732,814. This stands in sharp contrast to April, where payments peaked at USD 5.11 million. Data from the first half of the year highlights the volatility of the sector. Monthly payments fluctuated from USD 2.61 million in January to USD 1.32 million in February, rising to USD 1.90 million in March, hitting a high of USD 5.11 million in April, and dipping to USD 2.01 million in May before the June low. At the height of the June slowdown, some days saw total payments for landed catch drop as low as USD 12,970. MIFCO noted that these trends are consistent with historical data, as June and August are typically the slowest months for the industry due to the monsoon's impact on fish migration and sea conditions. Currently, the most productive fishing grounds have shifted toward Lhaviyani Atoll, driving the recent uptick in activity. Despite the seasonal fluctuations, the economic outlook for fishermen has received a boost from international trade policy. Following the United Kingdom's decision to remove tariffs on Maldivian tuna exports, MIFCO increased its purchase price. Since June 9, the company has been paying USD 1.29 per kilogram for fish delivered to its collection centers, providing a critical financial cushion for the industry as it enters the next production cycle.