The annual report of Maldives Monetary Authority (MMA) has revealed the volume of fish exports grew by 19% in 2020.
The annual report shows volume of fish exports had grown last year while the tourism industry and the construction industry declined due to the COVID-19 pandemic and subsequent restrictions in the Maldives. Volume of fish exports fluctuated during 2020, with a significant increase in the first quarter and a 20% decline in the second quarter due to the pandemic. However, the volume of fish exports increased again by 77% in the fourth quarter of 2020 due to countries opening its borders after lockdown.
In the annual report, MMA stated the annual growth in the volume of fish exports mainly stemmed from the increase in export volume of frozen skipjack tuna, together with processed fish and frozen yellowfin tuna, which fully offset the decline in fresh or chilled yellowfin tuna exports and canned or pouched tuna exports.
Government of the Maldives eased restrictions and provided opportunities and safety measures for the fishing sector to continue their businesses during the pandemic.