Fish Farms Warn Maltese Export Value Dropped By 40% Despite Rise In Production

Fish farms have warned that the export value of Maltese tuna has declined significantly, despite Malta increasing its production.

Referring to NSO figures, the Federation of Maltese Aquaculture Producers (FMAP) said that Malta’s aquaculture sector exports had a value of €199.124 million in 2023, a decrease of almost 40% (more than €121 million) compared to 2022, where the total export value was €320.4 million.

This was despite Malta increasing its production and yielding the highest amount of produce of the past four years.

Malta exports most of its Atlantic bluefin tuna tuna to Japan, but FMAP CEO Charlon Gouder warned that currency shifts and geopolitical tensions in Japan and China led to the value of products acquired from Malta decreasing by half.

The price paid for product per kilo fell from around €17.75 per kilo of produce in 2022 to €9.55 per kilo of produced in 2023.

Meanwhile, the pressure on the industry increased, with a 12% rise in costs in 2023 compared to the previous year.

Gouder also warned that changes in seawater quality are affecting competitiveness and leading to a substantial decline in production output despite constant input stocks which began to be felt in 2023 and are expected to continue in 2024.

On a positive note, Gouder said it was fortuitous that some time ago, the Federation, along with the Government, comment a diversification plan to ensure the industry doesn’t rely solely on one market. A recent agreement between Malta and China allowed Malta to start exporting its first products to China this year.

However, he said that if the country is serious about the sustainability of the industry, it cannot afford another step back and called for assistance to sustain it.

Should the government step in to help fish farms?