The Maldives has reported a remarkable increase in fish exports during the first seven months of this year, according to the latest monthly statistics report from the central bank, Maldives Monetary Authority (MMA).
The report indicates an overall surge of 88.8 percent in fish exports compared to the same period last year.
From January to July this year, the Maldives exported a total of 52,763 metric tonnes of fish, a substantial increase from the 27,950 metric tonnes exported during the corresponding period in the previous year.
The significant growth is primarily driven by the strong performance of fresh, chilled seafood exports. This category saw a massive increase of 106.2 percent, with 47,902 metric tonnes exported in the first seven months of the year, compared to 23,234 metric tonnes in the same period last year.
Other categories also saw positive growth including chilled fresh fish (excluding seafood) exports which rose by 10 percent to 430 metric tonnes, up from 391 metric tonnes in the same period last year.
Fish (general) exports also increased by 65 percent to 895 metric tonnes, compared to 572 metric tonnes last year.
However, not all categories experienced growth as canned fish exports saw a decline of 5.8 percent, with 3,536 metric tonnes exported in the first seven months of this year, down from 3,752 metric tonnes during the same period last year.
Fish remains the largest component of the Maldives' exports, and the government is actively working to enhance the sector's contribution to the national economy.
The Ministry of Fisheries and Ocean Resources has announced ambitious plans to significantly boost fish processing and storage capabilities with aims to increase fish processing capacity nine-fold within the next three years. This initiative is expected to further capitalise on the country's rich marine resources, create more value-added products, and ultimately increase income from the fisheries industry. These efforts align with the national strategy to diversify and enhance the Maldivian economy.