Malta's fish farm sector wants the government to step in and provide assistance after the value of their exports nosedived by 40 per cent in 2023.
The Maltese Aquaculture Producers Federation (FMAP) said the collapse in income came despite farms having produced high amounts of fish and was the result of international market prices and unspecified "changes in seawater".
Data published by the National Statistics Office for 2023 shows that the value of fish farming sector exports that year amounted to €199 million - a drop of almost 40 per cent when compared to the €320 million worth of exports registered in 2022.
That drop was even more dramatic when seen in the context of production, which rose. In 2023, local farms yielded over 20,800 kilograms of fish, compared to the just over 18,000 kilograms produced in 2022.
Aquaculture in Malta primarily consists of the farming of bluefin tuna fish, with the majority of its produce being exported to Japan.
The sector has sought to diversify its customer base and last year the government signed a deal with China to export bluefin tuna there.
In a statement on Saturday, the Maltese Aquaculture Producers Federation (FMAP) said the 2023 figures had to be viewed in an international context.
FMAP CEO Charlon Gouder said the sector was negatively impacted by currency fluctuations and geopolitical tensions in Japan and China, the two biggest imports of Malta-farmed tuna.
“These led to the value of products acquired from Malta decreasing by half (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),” he said.
“This was happening while the pressure on the industry continued to increase, with a 12% rise in costs in 2023 compared to the previous year.”
Gouder said the deal with China was well-timed and the value of Maltese tune exports to the country was poised to grow in the coming years.
He also alluded to "changes in seawater" making it tougher for fish farm producers to maintain the same levels of production. Outputs were down when compared to the amount of inputs, he said.
Gouder did not specify what those "changes" were, though he may have been alluding to rising sea temperatures, which marine experts have said is to blame for the sudden drop in staple fish lampuki.
He said if Malta wants to be at the forefront of sustainability of the industry, the issues facing the sector need to be "studied, addressed and managed."
"There had been one step back in 2023, but this industry was resilient and could take it. However, another step back would be disastrous. Hence, assistance is vital to sustain aquaculture in Malta," he said.