Publication Date:
2021-05-19
Description:
Fishing has traditionally played an important role in the socio-economic development of the country providing an important source of exports and foreign exchange earnings, job creation, government revenue and most of all an important source of animal protein for the population. With the emergence of Port Victoria as a major tuna landing and transshipment center in the region coupled with the country's venture in tuna canning activity, the importance of the fisheries sector has grown even further to establish itself as a major source of foreign exchange earnings and contributor to the country's wealth generation.
The Industrial Tuna Fishing Activity in the Western Indian Ocean has since its outset been an important source of revenue for the Seychelles economy, representing almost a third of gross inflow of foreign currency generated by the fisheries sector and associated activities. This contribution is not only in terms of earnings from the issue of licenses to foreign fishing vessels to fish in our Economic Exclusive Zone, but also in terms of expenditure on local purchases of goods and services effected by these foreign vessels and foreign fishing companies.
With Port Victoria being the principal base for these foreign fishing vessels imply that a number of job opportunities are created for Seychellois nationals as well as creating other spill-over effects in the economy. Moreover, tuna landed in Port Victoria is also a main source of raw materials for the local canning factory, which in turns generate further employment for Seychellois nationals and exports earnings.
After experiencing a significant drop in 1998, the gross earnings from the industrial tuna fishing activity has been growing steadily over the last two years and a record inflow was registered in the year 2000. On the other hand, the number of calls and days spent in port affected by the foreign fishing vessels, including support and reefer vessels, experienced a drop. The volume of tuna landed and transshipped in Port Victoria registered a small increase as Seychelles maintained its position as the major tuna center in the region.
For the year 2000, the gross revenue generated by the Industrial Tuna Fishing Activity reached a record level of RS 314.882 millions. This includes vessels' and companies' expenditure on local purchases of goods and services and receipts from licenses issued. The net revenue on the other hand did not reached a record level. Net inflow stood at RS 131.128 millions in 2000 representing only 42% of total gross inflow. Calculated in dollar terms at current exchange rate the gross revenue stood at US$ 50.8 millions whereas the net revenue stood at US$ 18.6 millions.
As regards to activity in Port Victoria, the total number of calls registered fell from 709 in 1999 to 651 in 2000, whilst the number of days spent in port by all vessels dropped from 4,994 in 1999 to 4,373 in 2000. The volume of transshipment however, grew marginally by 4.7%, from around 257,500 metric tons in 1999 to approximately 269,700 in 2000. This represented more than 80% of the total tuna caught in the Western Indian Ocean and transshipped.
On the international scene the market for raw materials tended to normalize in 2000. After heavy supply towards the end of 1999 causing prices to drop to its lowest level in 25 years, the situation changed completely in the beginning of 2000. There was a shortage for raw materials on the market as many boats stopped operation as fishing had become uneconomical and in addition, there were fishing bans in certain areas. During the year, skipjack prices remained at a level of US $ 400/mt for several months and only moved to US 430/mt in December. Prices improvement were also foreseen for yellow-fin by December.
In order to normalize trade and increase the raw material prices, several countries implemented measures to reduce catches or fishing effort. The World Tuna Boat Owners Organization at its second meeting in December 2000 followed their initiatives. The main resolutions were to limit fishing effort and reduce catch, stimulate consumer demand for tuna on domestic and international markets and producing volume that will only match demand. Even if the short-term impact of the tuna catch reduction was expected to be minimal, in the long run substantial increase was expected in tuna prices, which could well last into the year 2002.
Description:
Published
Description:
industrial tuna fishing
Keywords:
Economics
Repository Name:
AquaDocs
Type:
Report
,
Non-Refereed
Format:
24
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