The Maldives Monetary Authority (MMA) has revealed that the fishing industry plunged by 44.9 percent in the third quarter of 2024.

The Quarterly Economic Bulletin released by the authority in December also noted that fishing activities had decreased by 50 percent in the second quarter of 2024.

According to the central bank of Maldives, the volume of fish purchased by processing companies and the volume of fish exported also saw a dramatic plunge in the third quarter of the year.

A total of 5,662.9 metric tons of fish were purchased in the third quarter of 2024. This is a significant decrease of 53 percent – approximately 6,403.2 metric tons – compared to the third quarter of 2023.

Looking at the details of fish purchases, it is noted that the amount of skipjack tuna purchased decreased by 63 percent – around 5,656.1 metric tons –, and the amount of yellowfin tuna purchased decreased by 26 percent – around 777.4 metric tons –.

Regarding fish purchase prices in the Maldives, the central bank noted that in the third quarter of 2024, the average price for skipjack tuna was MVR 14 per kilogram and frozen skipjack tuna was MVR 16 per kilogram.

Further, in the third quarter of 2023, skipjack tuna was priced at MVR 17.7 per kilogram and frozen skipjack tuna at MVR 19.7 per kilogram, indicating that the prices in the third quarter of this year were lower compared to the prices then.

In addition to this, the average purchase price of yellowfin tuna by Maldivian companies decreased to MVR 63.5 per kilogram in the third quarter of 2024. The MMA report noted that in the second quarter of 2023, yellowfin tuna was priced at MVR 81.8 per kilogram.