Maldives’ fisheries sector recorded a sharp decline in February, with revenue falling 75 percent compared with the same month last year, according to the National Bureau of Statistics.

The agency said the gross value added (GVA) of the sector stood at MVR 108 million in February, marking a 40 percent drop from January this year.

The downturn has been attributed mainly to reduced fish catch volumes and weaker export performance.

Fish exports reportedly dropped by between 45 and 65 percent during the first two months of the year, with a decline in the overall catch.

However, the sector showed signs of recovery in March, with fish exports increasing by eight percent compared with the previous month.

The data also shows a seasonal pattern in the industry, with early-year declines observed over the past two years.

Fisheries performance typically improves in the middle of the year, with July recorded as the strongest month for the sector in the previous year.