Farmed fish produce up 40% in 2022 – NSO

The total output of farmed fish produced by the aquaculture and tuna farming industry in Malta during 2022 amounted to €319.4m; an increase of 40.7% over that recorded in 2021, the NSO said Thursday.

The annual census conducted among entities operating in the local aquaculture and tuna farming industry revealed that, during 2022, the total output generated by this economic activity grew by €92.4m or 40.7% over that recorded in 2021 to a figure of €319.4m. Additionally, the intermediate consumption of the industry, which represents the main operating expenses incurred by the same operators, rose by €91.1m or 61.8% over that recorded a year before to a total of €238.4m. This led the industry’s gross value added to marginally increase by 1.7% to €81m.

The depreciation of fixed capital of the industry fell slightly by €0.2m or 4.8% to a total of €4.9m; while the total outlays disbursed on the wages and salaries paid to their employees edged upwards by €1m or 9.9% to €11.7m. Upon subtracting the expenses from its revenues, the industry is calculated to have attained a net operating surplus of €64.4m.

In terms of weight, the total sales of farmed fish increased by 1.6 million kilogrammes or 10% over that achieved in 2021. Indeed, this increase was the result of an increase in the volume of farmed tuna of 2.3 million kilogrammes that completely offset a fall of 0.6 million kilogrammes of farmed closed cycle fish species. As a result, when compared to the previous year, the total sales value of farmed fish rose by €110.2m or 52.4% to a figure of €320.4m.

As regards the expenditure costs borne by the industry, it resulted that the purchasing of live tuna and other fish for farming purposes increased significantly by €66.7m or 103.8% to a total of €130.9m. In fact, when compared to a share of 43.6% registered in 2021, the latter expense accounted for 54.9% of the entire intermediate consumption incurred by the industry in 2022. Moreover, the industry’s variable production costs, selling costs and overheads increased by 26.3%, 15.8% and 43.4% respectively.