Photo: MercoPress/Stockfile/FIS

Falklands Fisheries Generate a Gross Value of Over US$ 2.7 Billion in a Decade

FALKLAND ISLANDS
Friday, September 05, 2025, 20:00 (GMT + 9)

Loligo Squid and Toothfish Lead Island Economy, But Debate Over Transparency and Maritime Safety Grows

STANLEY—The Loligo squid and toothfish fisheries in Falkland Islands (Islas Malvinas) waters have generated a combined catch value of over US$ 2.74 billion in the last decade, consolidating themselves as the fundamental pillar of the island's economy. This figure, which represents more than 40% of the archipelago's Gross Domestic Product (GDP), underscores the vital importance of the fishing sector to the Islands' prosperity.

According to the figures presented to the Legislative Assembly on August 28, and reported by the local outlet Penguin News, elected legislator MLA Teslyn Barkmann revealed the totals in response to a question from her colleague MLA Mark Pollard. Loligo squid alone accumulated a value of US$ 2.51 billion between 2014 and 2023, while toothfish contributed an additional US$ 228.75 million.

Quota System and the Debate on Transparency

The presentation of these data aims to provide transparency on a public resource managed through the Individual Transferable Quotas (ITQ) system. MLA Pollard emphasized that, while the ITQ has been key to the sustainable management of fish stocks, it also grants a "significant privilege" to the companies that hold it. His question was not intended to criticize the sector, but rather to ensure that the public "had a clear understanding of the totality of the value it mobilized."

The figures for finfish fisheries, although incomplete, also show a substantial contribution, with values of US$ 201.1 million for “A” licenses, US$ 72.8 million for “G” licenses, and US$ 50.95 million for “W” licenses in the four years on record.

Risks and Safety in a Growing Sea

While the industry celebrates its economic success, operational challenges persist. A report from Harbour Master Steurt Barlow to the Maritime Commission revealed an increase in safety incidents. With more than 150 active vessels during the season, thirty accidents were recorded by mid-August of this year, an increase from the 24 incidents reported during the same period in 2024.

Barlow suggested that the increase could be due to a higher rate of reporting by crew and operators. The accidents recorded include two collisions, two groundings, two "man overboard" incidents, and multiple injuries to hands, arms, legs, and the head. The Falkland Islands Maritime Authority (FIMA), responsible for safety, has reinforced the obligation for all vessels, including those with foreign flags, to report any accident.

The situation highlights the dual challenge facing the Falkland Islands' fishing industry: maintaining its economic leadership and ensuring transparency and safety in its operations for long-term prosperity.

Fuente: MercoPress

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