Malta’s aquaculture industry sells close to 21,000 tonnes of fish in 2023, bringing in nearly €200 million

Malta’s aquaculture industry produced nearly 21,000 tonnes of fish in 2023, generating a total output valued at €199.7 million, according to the latest statistics from the National Statistics Office (NSO).

The total weight of farmed fish increased by 2.8 million kgs (15.4 per cent) compared to the previous year, reaching 20.8 million kgs. This rise was mainly due to a larger volume of farmed tuna, which offset a slight decrease in other fish species.

Despite this increase in quantity, the marketed value of farmed fish fell sharply, declining by €121.3 million (37.9 per cent) to €119.1 million.

The industry’s costs rose substantially during 2023. The purchase of live tuna and other fish for fattening increased by €21.8 million (16.6 per cent), accounting for 57.2 per cent of the sector’s total operating costs. Variable production costs also grew by 14.6 per cent to €87.5 million, while selling and overhead costs decreased by 18.9 per cent and 13.4 per cent, respectively.

Overall, intermediate consumption, which includes most operating expenses, increased by €28.5 million (11.9 per cent) to €266.8 million.

These rising costs, combined with the drop in revenue, resulted in a significant decrease in the industry’s gross value added, falling by €147.8 million to a negative balance of €67.1 million. This contributed to a net operating deficit of €84.3 million for the year.

The wage bill for workers in the sector saw a modest increase of €0.7 million (5.7 per cent), reaching €12.3 million. Meanwhile, the consumption of fixed assets - reflecting depreciation of equipment - dropped slightly by €0.1 million (1.2 per cent) to €4.8 million.

While the increase in production is a positive sign, the sharp drop in marketed value and rising costs present a challenge for Malta’s aquaculture industry.