Arakan fishing businesses suffer losses on high fuel prices and other rising expenditures

By DMG 02 May 2022

DMG Newsroom
2 May 2022, Sittwe 

Commercial fishers engaged in purse seine fishing off the coast of Arakan State say they are facing losses due to exorbitant commodity and fuel prices. 

The price of fuel over the past year has tripled, from nearly K200,000 per barrel to K600,000 now, said commercial fisherman U Kyaw Aye from Lay Taung in Arakan State’s Ramree Township. 

“We are making a loss this year, mainly because of high fuel and commodity prices. Fish and prawn are fetching good prices, but revenues do not cover production costs,” he explained. 

Currently, a viss of anchovies fetches about K5,500 on the market in Arakan State. Compared with past commodity prices, however, commercial fishers say they are not even covering operating costs. 

“A viss of anchovies fetched less than K3,500 during the [second wave of] Covid-19 outbreak. But it was not this bad then,” said commercial fisherman Ko Nwe Min Kyaw, also from Lay Taung. “A barrel of fuel was only around K200,000 then. But it is K600,000 now. And the prices of other commodities have also increased. So, 75 percent of fishers are making losses.” 

The secretary of the Thandwe Township purse seine fishers’ association, Ko Lulay, said: “Overall, all the fishers are making losses, mainly because of exorbitant fuel prices.” 

The fishing industry in Arakan State has been negatively impacted by Covid-19 for more than two years, as the pandemic has disrupted both local and international markets. Some Arakan State-based fishing businesses have been forced to suspend or shutter their operations as a result.