The Monetary Authority of Maldives (MMA) has reported a significant increase in fish exports during the second quarter of 2023 compared to the same period in 2022.
The Quarterly Economic Bulletin Report released by MMA shows that there has been a notable increase in both the export and purchase of fish within the Maldives during the second quarter of this year. MMA stated that companies procured 19,518 metric tonnes (MT) of fish, which a 9% increase compared to the same period last year. The increase resulted from heightened purchases of skipjack tuna and yellowfin tuna.
The report also showed that the Maldives exported a total of 24,900MT of fish during the second quarter of this year, signifying a 26% growth. This increase in fish exports can be attributed to the production and export of canned fish products and frozen fish during this timeframe. Canned fish products witnessed a 132% increase in exports, while frozen fish exports increased by 19%. In addition, dried fish exports experienced a 68% increase. However, the MMA report noted that exports of yellowfin tuna remained comparatively low.
The government of the Maldives is currently engaged in a significant project aimed at expanding the fish processing capacity at the Maldives Industrial Fisheries Company Limited (MIFCO). With the increased processing capacity, the government seeks to double the financial support allocated to fishermen and enhance their overall income. MIFCO is actively pursuing strategies to augment its revenue by procuring fresh fish, processing it to add value, and subsequently exporting the upgraded products.