NASSAU, BAHAMAS — The Bahamas exported close to $100 million worth of fishery products and resources last year, according to Minister of Agriculture, Marine Resources and Family Island Affairs Clay Sweeting, who noted that the export value was nearly 27 percent higher than the year prior.
During his contribution to the 2022/2023 budget debate, Sweeting noted that the export value of fishery products and resources exported from The Bahamas during 2021 was $97.4 million dollars which represented a 26.9 percent increase over 2020.
Sweeting noted that in 2021 fishery products and resources landings increased by 15.8 percent by weight and there was a 39 percent increase in the value of the products and resources landed in comparison to 2020.
He further noted that the lobster fishery is the single largest fishery in The Bahamas and accounted for 81.8 percent of the total landings in 2021 by weight and 93.7 percent of the total value of all fishery products landed.
According to Sweeting, a spiny lobster stock assessment was completed in September 2021.
“The stock assessment showed that the fishery is not overfished and also re-affirmed that 5 million pounds is a sustainable export amount for the fishery. While enough lobster can be found to export 6-7 million pounds, such high export levels cause major reductions in-stock status and are not sustainable,” Sweeting said.
Sweeting also noted that the government has allocated $500,000 in direct support for farmers as well as duty-free exemptions for farmers and fishermen on equipment parts.
Sweeting said that the Davis administration is committed to eliminating the cost of duty on parts for repairs, considering that farmers and fishermen already have duty-free concessions for the upfront purchase of equipment and vehicles for their businesses.
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