Low catch drives down fish exports

Fishing boats queue up near a MIFCO vessel. PHOTO/MIFCO

Fishing boats queue up near a MIFCO vessel. PHOTO/MIFCO

The amount of fishing catch weighed at fisheries companies and exported from the Maldives had both decreased in July, according to Maldives’ central bank.

Maldives Monetary Authority (MMA) disclosed in its monthly economic review that 1,665.5 tonnes of fish was weighed at fisheries companies in July, which is annual decrease of 5 percent from last year.

However, the amount had increased by 29 percent compared to June.

“The amount of fish weighed and exported in July went down as it clashed with both Ramadan (Islamic holy month of fasting) and the prolonged bout of bad weather,” said an official of Ensis Fisheries Pvt Ltd. “On top of that, fish sales went down abroad during those days, due to increased fishing in other regions.”

According to MMA’s economic review, fish exportation had gone down by 15 percent in July compared to last year, in addition to a decrease of 31 percent in export revenue.

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