DTIS, Volume I - Enhanced Integrated Framework (EIF)

per cent – see Table 8.4. The sector also contributes directly to the government budget
through the collection of a 5 percent weight-based export charge tax known as “royalty.”
In 2004 this amounted to Rf 57.8 million.
Table 8.4: Principal Exports (2003-2005)
Description 2003 2004 2005
Value
(RF mn)
% Total
Exports
Value
(RF
mn)
(Jan-Jun)
%
Total
Export
s
Value
(RF mn)
% Total
Exports
Various tuna products 843 58.3 1,056 67.2 682 91.3
Reef fish products 61 4.2 23 0.1 0 0.0
Sea Cucumber (dried) 43 3.0 31 2.0 15 2.0
Other Marine Products 19 1.3 30 2.4 28 3.7
Fish Meal 13 0.9 15 1.0 9 1.2
Sub-Total Fish sector 979 67.8 1,156 72.5 734 98.3
Garments and apparel 462 32.0 409 26.0 8 1.1
Others (mostly scrap
metal, desalination parts,
velambul)
4 0.3 8 1.5 5 0.7
TOTAL 1,445 100.0% 1,572 100.0 747 100.0%
Source: Calculated from Statistical Yearbook of Maldives 2004 and Export by Commodity and Customs Services
Fisheries exports are concentrated on essentially derivative products from one species,
skipjack tuna, which, in 2004, accounted for 70 per cent of fish exports in volume terms.
However, in recent years, yellow fin tuna landings and exports have increased accounting
for 16 per cent by volume in 2004.
Within this pelagic group of fish, the largest exports by value are of frozen skipjack
(SKJ) followed by canned, dried and a small amount of salted dried. It is noteworthy that
fisheries and fisheries exports still focus on low value species, with only a small amount
of added value accruing to the Maldives. While export volumes continue to grow, export
values vary according to the international price level, where the Maldives is a price taker
on virtually all fish products. Only the fairly small volume of canned fish attracts a small
premium of approximately US$ 2 per case, due to the environment-friendly - but not
labeled as such - status of the product where the raw material is caught by pole and line.
The importance of reef fish exports has been declining in the last few years, but the
export of sea cucumber remains significant. The decline in reef fish products is a
reflection of lower volumes of landings, and increased sales domestically to the tourism
resorts. The majority of fish product exports are now handled by the private sector rather
than by the parastatal fish company, MIFCO. In both 2003 and 2004, private sector
exports accounted for roughly two-thirds of fisheries exports.
In terms of the destination of Maldives’ fisheries exports, the main markets in 2005 are
relatively evenly distributed between the EU, Thailand and Japan, each accounting for
between 20-25 per cent of total exports (see Table 8.5). The EU market seems to be
following a fairly solid growth rate. But the Japanese market grew considerably during
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