Sri Lanka’s fish export earnings increase by US$ 100 million YoY in 2021 - Opportunity Sri Lanka
Sri Lanka’s fish export earnings increase by US$ 100 million YoY in 2021

Sri Lanka’s fish export earnings increase by US$ 100 million YoY in 2021

The Morning: Amidst the turbulent circumstances due to the prevailing pandemic, the fisheries sector of Sri Lanka has been able to earn US$ 318 million during 2021, which is the highest export value from the sector thus far and over US$ 100 million more than the previous year’s record.

State Minister of Ornamental Fish, Inland Fish, and Prawn Farming, Fishery Harbour Development, Multi-Day Fishing Activities, and Fish Exports Kanchana Wijesekera stated: “With the challenges of the Peliyagoda cluster, domestic Covid-19 lockdowns, lockdowns in overseas markets, freight costs tripling, the X-Press Pearl maritime disaster, and the floods in the Puttalam District, the fisheries sector stakeholders and the officials working together have managed to record the highest export value in history – US$ 318 million.”

In accordance with 2020 statistics, it was reported that the export revenue from the aforesaid sector was US$ 215 million.

When it comes to shrimp farming, it was also equally significant owing to the highest production being recorded during the mentioned year with almost double the previous quantity – 14,415 MT.

Wijesekera pointed out that there is, in fact, an increase of 162% in shrimp export value.

At the same time, 74% of the export value was increased in ornamental fisheries with US$ 21 million revenue and the domestic canned fish production increased from 90,000 cans per day in December 2020 to 220,000 cans per day in December 2021.

Accordingly, a decrease of 76.2% in imports of canned fish has been reported from 2019. In 2019, canned fish imports amounted to 36,806 MT, whereas in 2021, canned fish imports had remained at 8,758 MT.

OSL take:

Sri Lanka’s fisheries industry has shown a continuous growth and the earnings recorded by the industry in 2021 is indicative of the growing business potential in the industry as well. Also, the many trade agreements as well as concessions enjoyed by the country have helped boost Sri Lanka’s fisheries industry. Given the growing business potential in the industry, there have been many foreign businesses/investors who continue to explore the expanding opportunities in Sri Lanka’s fisheries industry. With the fisheries sector also being included in Sri Lanka’s overall development programme, there have been a host of new business/investment opportunities that have opened up in the sector.

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Article Code : VBS/AT/08022022/Z_4

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