Fish exports from the Maldives in the first quarter of 2021 have recorded a significant increase.
Following a significant annual expansion in the gross value added of the fisheries sector in the last quarter of 2020, developments in the fisheries sector appeared mixed in the first quarter of this year, as suggested by the decline in fish purchases made by processing companies and the significant increase in the volume of fish exports, according to the Quarterly Economic Bulletin published by the Maldives Monetary Authority (MMA).
MMA revealed total fish purchases declined by 3% and totalled 21,465 metric tonnes, predominantly due to the 41% decline in the purchase of yellowfin tuna in the first quarter. Meanwhile, skipjack tuna purchases recorded a marked increase, followed by bigeye tuna purchases, which also rose during the quarter.
Moreover, the volume of fish exports increased significantly to 99,075.6 metric tonnes in the first quarter. The surge in the volume of fish exports primarily reflected the growth in export of frozen skipjack tuna, likely owing to the sustained global demand for shelf-stable canned tuna for which skipjack tuna is a popular raw material, stated MMA.
Meanwhile, the volume of canned or pouched tuna exports rose by 35%, while processed fish exports rose by 76%. However, this is recorded as an offset by MMA, to an extent, by the 28% decline in fresh or chilled yellowfin tuna exports during the quarter.