Maldives tuna exporters see 20% growth with UK tariff suspension

Maldivian tuna exporters have seen a 20 percent growth since the United Kingdom suspended tariffs on tuna imports back in May, says Fisheries Minister Ahmed Shiyam.

The UK had suspended the 20 percent import tariff on tuna and selected food products from all countries, including the Maldives, back on May 20. This zero-tariff measure was introduced to ease household cost-of-living pressures in Britain and is in place until December 31, 2028.

Shiyam, who was summoned to the Parliament on Wednesday morning, said the decision has had a highly favorable impact on the Maldivian fisheries sector, which exports around £18 million (approximately USD 24.32 million) in tuna to the UK each year.

He said that the tariff suspension has contributed to a 20 percent growth for Maldivian tuna exporters, adding that this growth is also ensuring exporters purchase tuna from fishermen at better prices.

“Therefore, companies like Horizon Fisheries and Ensis Fisheries as well as MIFCO are now purchasing tuna from fishermen at better prices,” he said.

“They therefore now believe that there’s now a competitive market in place in the Maldives for fish purchases.”

Shiyam credited this to years of planning and hard work.

Both the UK and European Union countries impose a tariff of 20 percent on tuna imports, posing a major challenge for Maldivian fish products to expand into the international market. While the UK has now suspended the tariff through 2028, the Maldives has been engaging in negotiations with the EU for years for similar concessions.