Sri Lanka’s seafood sector begins to bounce back
Sri Lanka’s seafood exports will bounce back following the exiting of the lockdown and resuming economic activities during COVID-19 as the industry is one step ahead in the global supply chain.
The country’s seafood exports were 70 per cent intact in the global supply chain by connecting Sri Lankan exporters with importers in several countries even during the COVID-19 pandemic period, Chairman of Sri Lanka’s Export Development Board (EDB) Prabash Subasinghe told the Business Times.
He said that exports of seafood had dwindled by around 30 per cent recently and it would come down by 25 per cent in the next quarter.
The EDB and Sri Lankan missions abroad, are continuing to explore access for Sri Lankan products into new markets, to support the island nation’s economic plan in sustaining the economy during the pandemic and mitigating the economic downturn in its aftermath.
While the demand for local seafood in the world market amidst the virus outbreak existed, air freight rates had been unbearable as many airlines were not operating due to the COVID-19 crisis, he disclosed.
Sri Lanka’s seafood has fetched higher prices overseas during this period and the industry has been able to operate even with a manpower shortage.
The country has earned Rs. 263 million last year from seafood exports including fresh and frozen yellow fin tuna, shrimp, prawns and crabs to Europe, the United States, Japan, West Asia, Singapore, Malaysia and several other countries, he added.
The government declared seafood as an essential service soon after nationwide curfews started. And this has helped the industry to maintain its export orders.
Sri Lanka has a fleet of around 2600 registered vessels to carry out deep sea fishing in territorial waters including 35 modern fishing craft with licences for high seas fishing — in waters beyond the Sri Lankan Exclusive Economic Zone.
These vessels were registered locally by several companies, Fisheries Department sources revealed.
However 35 foreign vessels are being permitted to catch fish on Sri Lankan territorial waters and unload their stocks in Sri Lankan harbours, local fishery societies complained.
Those stocks are then mixed with other fish products and exported exerting a negative impact on the local fishing industry, they said.
The foreign vessels have been registered under IMUL (multi-day) fishing craft and those are among the Sri Lankan fishing fleet.
All these vessels, both small and large, are Sri Lankan vessels; they have to fish under the Sri Lankan flag.
Under international maritime law none of these vessels can enter the waters of another country without permission from that country as it is illegal to do so. Such a fishing operation will be categorised as IUU (Illegal, Unreported and Unregulated) fishing, the Fisheries Department said.