The Maldives’ fish exports have increased by 66 percent in the first five months of the year, according to the central bank, Maldives Monetary Authority (MMA).
According to MMA’s latest Monthly Statistics Report, the Maldives exported 38,800 metric tonnes of fish in the first five months of this year, a significant increase of 66 percent compared to the same period last year. In 2024, 23,356 metric tonnes of fish were exported during the same period.
The majority of exports comprised fresh and frozen fish. In the first five months of this year, 35,260 metric tonnes of fish were exported, a 79 per cent increase compared to the same period last year. Exports were recorded at 19,689 metric tonnes during the same period last year.
Statistics show the Maldives exported 31,157 metric tonnes of skipjack tuna during the period, doubling last year’s skipjack tuna exports with a 109 per cent increase. In the first five months of 2024, 14,877 metric tonnes of skipjack tuna were exported.
In contrast, canned fish exports declined by 14 percent in the first five months of the year. This year, 2,604 metric tonnes of canned fish were exported, compared to 3,049 metric tonnes during the same period last year.
The government aims to further expand the fishing industry and position it as one of the largest revenue generating industries in the Maldives. The government is working to develop the necessary facilities to address the problems faced by the fishing industry within the first three years of its current term.
To this end, Maldives Industrial Fisheries Company Limited (MIFCO) is working to construct a new fish processing plant in Hulhumale’ with the assistance of the Islamic Development Bank (ISDB). The facility, which is being built jointly by ISDB and the government of Maldives, involves a loan of USD 65 million to increase MIFCO's fish processing capacity. Once completed, this facility will have a capacity to handle 35 tonnes of fish.