Fish exports earn USD 123 million as sector rebounds

Maldives’ fish exports earned USD 123 million (MVR 1.9 billion) as of November last year, marking a strong recovery in the sector, according to figures released by the Maldives Monetary Authority (MMA).

The earnings represent a 62 percent increase compared to the same period the previous year, when fish exports stood at USD 76 million (MVR 1.2 billion). By the end of that year, total export earnings had reached USD 84 million (MVR 1.3 billion).

As a result, export revenue for November alone increased by around USD 40 million (MVR 617 million) year-on-year.

The rise in earnings was driven by a sharp increase in export volumes throughout the year. By November, fish exports had risen by 87 percent to 69,000 metric tonnes, compared to 37,000 metric tonnes during the same period the previous year.

Frozen fish accounted for 80 percent of total exports, amounting to approximately 61,000 metric tonnes. Skipjack tuna made up the largest share of exports, followed by yellowfin tuna.

In addition to frozen fish, Maldives also exported around 1,400 tonnes of canned fish.

The previous year recorded the lowest fish export volumes in recent history, with just 37,000 metric tonnes exported. Since then, the fisheries sector has rebounded, with fish product exports expanding steadily.