Despite a lower total allowable catch (TAC), environmental conditions and strikes, Namibia’s fishing sector brought in a record N$10 billion in export revenue during the 2015/2016 financial year compared to N$7 billion in the previous year – amounting to an astonishing increase of 42%.
Fisheries and marine resources minister Bernhard Esau announced this during his annual state of fisheries address held at Walvis Bay last Friday.
This may be attributed to improved catches with regard to sizes, favourable [US dollar and euro] exchange rates [to the Namibia dollar], increased value addition, and better prices in some markets, said Esau.
The Namibia dollar depreciated markedly against these currencies from January to December 2015; from N$11,77 to N$14,93 to the US dollar, and from N$14,46 to N$16,23 against the euro.
Today, the rate is significantly higher. According to Esau the rise in exchange rates against the local currency meant that for every kilogramme of Namibian fish and fishery products exported, the industry earned more in dollar terms in 2015 compared to 2014.
Furthermore, during 2015/2016 the TAC for various fish species was about 529 000 tonnes compared to 605 000 in the previous year; which is a decrease of nearly 13%.
As for the status of fish stocks, Esau said that most of Namibia’s commercially important fish stocks were showing signs of healthy recovery, although there was still a need to rebuild such stocks in order to ensure optimal contribution to the local economy.
Total investment into the industry was recorded at N$174 million.
This includes the acquisition of vessels, and the construction of processing plants and other infrastructure. During the same time, the industry ploughed N$48,7 million into various social responsibility economic projects.
2015 The Namibian