The fishing sector in Peru is experiencing an impressive growth of 55.2%

The Ministry of Production (PRODUCE) recently announced that the fishing sector in Peru had experienced an impressive growth of 55.2% in June 2024 compared to the same period the previous year. This achievement is mainly attributed to the increase in the landings of hydrobiological resources, which reached 363 thousand tons, representing a 133% increase compared to June 2023, when 155 thousand tons were recorded. Production Minister Sergio González Guerrero highlighted the significance of this growth, noting that it is largely due to the increase in anchovy fishing for the production of fishmeal and fish oil, which saw a 482% increase in June compared to the previous year. This boom in fish exports not only benefits the sector but also contributes to the increase in foreign exchange for the country. González Guerrero also explained that the increase in landings of species intended for direct consumption, such as horse mackerel, anchovy, bonito, scallops, and hake, also positively influenced the growth of the fishing sector. These species, mainly used in the canning and freezing industry, have significantly contributed to the sector's performance. Economically, it is projected that the fishing sector's contribution to the national Gross Domestic Product (GDP) in June 2024 will reach 0.28%, equivalent to S/135.6 million at constant prices. In the first half of 2024, the fishing sector is said to have recorded a growth of 44.8% compared to the same period the previous year, reflecting a strong performance in the sector. The results presented by PRODUCE reflect a positive trend in the Peruvian fishing sector, driven by the increase in landings and the production of hydrobiological resources. Authorities project that this trend will continue in 2024, expecting a growth of 18.5% for that year. This projection would result in a contribution of more than S/4700 million to the national economy, representing almost 1% of the national GDP. In a context where other sectors of the economy present more moderate figures, such as private investment which reportedly grew by only 1% in the first half of the year, the growth of the fishing sector stands out as an important driver for the Peruvian economy. The commitment to continue promoting the sustainable development of fishing in the country is essential to maintain this growth path and contribute to the strengthening of the national economy as a whole.