Fishermen see fourfold increase in July revenue as fisheries picks up after sharp decline

Statistics shared by Maldives Industrial Fisheries Company (MIFCO) shows a significant improvement in fisheries in July, after what the company previously described as an “usually big” decline the month before.

The monthly statistics released by MIFCO on Sunday shows the company purchased 2,474.8 tons of fish from 822 fishing vessels in July.

This marks a fourfold increase from the 568 tons of fish purchased in June.

The fish purchases in July include 2,400.4 tons of skipjack tuna, 11.7 tons of yellowfin tuna weighing above 10 kilos, and 62.7 tons of yellowfin tuna weighing above 15 kilos.

MIFCO paid fishing vessels MVR 49.76 million for the fish.

This includes MVR 47.96 million to 536 vessels for skipjack tuna, MVR 234,100 to 98 vessels for yellowfin tuna above 10 kilos, and MVR 1.57 million to 185 vessels for yellowfin tuna above 15 kilos.

The figures mark a fourfold increase from the MVR 11.33 million disbursed in June.

Purchases and disbursements over the last seven months:

• January: 2,454 tons (MVR 40.4 million)
• February: 1,180 tons (MVR 20.4 million)
• March: 1,625 tons (MVR 29.4 million)
• April:  4,414 tons (MVR 78.8 million)
• May: 1,791 tons (MVR 31.1 million)
• June: 568 tons (MVR 11.3 million)
• July: 2,474 tons (MVR 49.8 million)

MIFCO previously said that while it was common for fisheries to decline in June and August, the dip in June this year as “unusually big”.

The company named the strengthening of the Hulhangu Monsoon as the biggest cause for the decline, but reported in early July that fisheries had begun to improve.