The fishing industry has seen a downturn, with fish purchases from vessels plummeting by 60 percent in the first half of this year, according to statistics from the Maldives Customs Service and the Fisheries Ministry.
Fisheries data reveal that 21,438.5 metric tons of fish were purchased by the end of June this year. This is a sharp decline compared to the 53,426.3 metric tons recorded during the same period last year.
A detailed breakdown shows that the skipjack tuna fishery—the country's main export—suffered the biggest decline. While 46,610.6 metric tons of skipjack were purchased in the first six months of last year, that figure dropped to 16,230.4 metric tons this year, representing a 65.2 percent collapse.
Although not as severe as the skipjack sector, yellowfin tuna fisheries also experienced a slump compared to the previous year. Purchases fell from 6,637.4 metric tons by June last year to 4,841.1 metric tons during the same period this year, marking a 27.1 percent decrease.
Despite the decline in these two major categories, the volume of other fish varieties purchased more than doubled. Last year, 178.4 metric tons of other fish types were recorded, whereas this year the figure rose to 367 metric tons—a 105.7 percent increase.
The slowdown in the fishing industry and the drop in catch volumes have led to a loss in revenue this year. Customs records show that fish exports generated USD 37.5 million (MVR 577.8 million) by the end of June, a steep fall from the USD 74.5 million (MVR 1.1 billion) earned during the same period last year.
If the current trend persists through the second half of the year, total annual fisheries revenue is projected to fall far short of previous years. While fish exports brought in USD 135 million (MVR 2 billion) last year, current monthly averages suggest that total export revenue for this year may only reach an estimated USD 75 million.
