Minister of Fisheries, Marine Resources and Agriculture Dr. Hussain Rasheed Hassan has revealed tuna is currently exported at an average loss of USD281.
Speaking at the Parliament of the Maldives on May 18, Fisheries Minister Hassan highlighted some of the difficulties faced by Maldives Industrial Fisheries Company Limited (MIFCO) in providing a fair price for local fishermen. The minister noted a fair price is determined internationally from what can be obtained after purchasing a product, making a secondary product and selling that to the market. However, he said the current prices at which MIFCO purchases tuna are not fair prices, as every tuna export is carried out an average loss of USD281. He said the cost of production is higher than the market price, forcing the tuna purchases to be carried out with subsidies.
The fisheries minister had earlier revealed one of the biggest challenges faced in providing a fair price to local fishermen is the tax imposed by EU on tuna exports by the Maldives. He noted this leads to difficulties in exporting tuna to more international markets.
Meanwhile, the government is undertaking several projects to expand the purchasing and processing capacity of MIFCO. The state-owned fisheries company purchased a record 58,250 tonnes of tuna last year, and exported 47,000 tonnes of raw tuna.