Fish purchases hit a total 17,878.0 metric tons, observing a 10 percent increment in Q2-2022.
This increment comes from the 12 percent increase in purchase of skipjack tuna and marginal increase in yellowfin tuna purchases.
These developments come following a decline in the gross value added from the fisheries sector by 3.9 percent during Q1-2022. However, the sector showed mixed developments during the second quarter.
As per Maldives Monetary Authority (MMA) in the Quarterly Economic Bulletin (QEB), fish purchases increased mainly due to the abolishment of controls set by Maldives Industrial Fisheries Company (MIFCO), amid the better than anticipated seasonal increment in fish catch from the Southern Region of Maldives.
During the quarter the average purchase price of skipjack tuna and iced skipjack tuna marginally rose from MVR 14 per kilogram to MVR 15 per kilogram and MVR 16 per kilogram to MVR 17 per kilogram, respectively in annual terms. The average purchase price of yellowfin tuna by local companies increased to MVR 90.80 per kilogram in Q2 of 2022 from MVR 89.60 per kilogram in Q1 of the year.
However, the volume of fish exports declined by 7 percent (by 1,448.0 metric tons) in the review quarter when compared with the corresponding quarter in 2021, during which 19,811.50 metric tons were exported. This fall in the volume of fish exports reflected the decline in the export of frozen skipjack tuna (1,854.90 metric tons). Moreover, this was followed by the decline in both the export of frozen yellowfin tuna (845.6 metric tons) and export of canned or pouched tuna (100.1 metric tons).
Sign In