ECONOMYNEXT – Sri Lanka’s fishing industry is gradually recovering from the shocks of the past year as currency stability returns followed by the continued supply of fuel to keep vessels running, an official said, while also ‘are making efforts to promote sea cucumber farming.
In 2022, the fishing industry was hit by diesel and kerosene shortages as foreign exchange shortages intensified after two years of money printing.
The Sri Lankan Rupee which fell to 360/370 per US dollar is now around 320/330 per US dollar.
“This time we have a good season for the industry because fish are available and motor oil is available,” Fisheries Department Director General SJ Kahawatta told EconomyNext.
“There’s no shortage of fuel these days, fish prices are down.”
Along with the recovery of fisheries, the ministry has also focused more on the export of sea cucumbers.
“There are many projects we are doing these days; we are doing a sea cucumber project that has a large export market of 4,000 acres in the northeastern regions of the island,” Kahawatta said.
The demand for sea cucumber in the international market is growing.
The price of one kilo of sea cucumber in the international market fetches a value of Rs 20,000 to Rs 30,000, he said.
According to data from the Sri Lanka Export Development Board, in 2022 the global export performance of fish and total fishery products was valued at $290.75 million.
In 2021, the island exported a total amount of 25,178,685 fish and the value was 252,617 US dollars according to the report of the Export Development Board of Sri Lanka. (Colombo/March 28/2023)
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