MIFCO Reports Growth in Fish Exports and Purchases Year-on-Year

According to data released by Maldives Industrial Fisheries Company (MIFCO), there has been a marked increase in both the volume of fish exported and purchased in 2023 when compared to the previous year.

The figures reveal that up until August this year, exports reached 38,249 metric tonnes, a significant rise from the 31,132 metric tonnes exported during the same period in 2022.

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Alongside whole fish exports, the data further highlights growth in related products. MIFCO exported 1,74,812 cases of fish and 1,191 metric tonnes of fish meals till August 2023. This reflects an uptick from 1,41,939 fish cases and 980 metric tonnes of fish meals recorded in the corresponding period last year.

The company’s procurement data also shows a favourable trend. MIFCO has purchased 44,647 metric tonnes of fish until August this year, compared to 35,643 metric tonnes over the same period in 2022. In terms of monetary value, the company valued its fish purchases at MVR 7,40,843,677 as of August 2023. For comparison, the figure stood at MVR 5,72,355,325 for August the previous year.

The government has revised the purchase price of fish to MVR 25 per unit, aiming to enhance the earnings of local fishermen. 

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