Aquaculture: 2024
- The total output of farmed fish produced in Malta during 2024 by the aquaculture industry in Malta amounted to €191.8 million, a decline in value of €7.8 million or 3.9 per cent over the output recorded in 2023.
- Intermediate consumption, which adds up a series of expenses sustained by the aquaculture industry, totalled €160.2 million, a decrease of €106.9 million or 40.0 per cent over that measured in 2023.
- The aquaculture industry’s gross value added recovered from a negative balance €67.4 million in 2023 to a positive balance of €31.6 million in 2024.
Aquaculture: 2024
Aquaculture: 2024
Aggregated data gathered through a yearly census carried out amongst the Maltese operators in the local aquaculture and tuna farming industry shows that, during 2024, the total generated output of farmed fish decreased by €7.8 million or 3.9 per cent to a total of €191.8 million. Moreover, the intermediate consumption of the industry, which sums up most of the operating expenses sustained by the same operators, fell by €106.9 million or 40.0 per cent over the amount recorded in the preceding year, to a total of €160.2 million. The combined effect of these shifts resulted in an increase of €99.0 million in the industry’s gross value added, from a deficit of €67.4 million in 2023 to a surplus of €31.6 million.
The depreciation of fixed assets used in the generation of income by the industry fell slightly by €0.1 million or 1.2 per cent to a total of €4.8 million; whereas the total wage bill rose by €0.9 million or 7.2 per cent to €13.2 million. Accordingly, the industry’s net operating surplus is calculated to have increased from the previous year’s negative balance of €84.6 million in 2023 to a surplus of €13.6 million in 2024 (Table 1, Charts 1 and 2).
Chart 1. Output and intermediate consumption of the aquaculture industry
in € million
Note: The gap in between the lines represents the Gross Value Added.
Chart 2. Percentage distribution of selected aquaculture output
Note: Due to fluctuating totals, changes in stocks are being excluded from the aggregated output.
In terms of weight, the total volume of farmed fish fell by 0.8 million kilogrammes or 4.1 per cent to a total of 20.0 million kilogrammes. Indeed, this decline was the result of a lower quantity of farmed Bluefin tuna of 2.0 million kilogrammes that completely offset the increase recorded in farmed closed cycle fish species. Nevertheless, when compared to 2023, the total marketed value of farmed fish decreased by €6.4 million or 3.2 per cent to a figure of €192.7 million (Table 2, Chart 3).
Chart 3. Distribution of sales by fish species and year
in € million
Regarding the expenses incurred by the industry, the cost of purchasing live Bluefin tuna and other fish for fattening decreased by €92.9 million or 60.8 per cent to a total of €59.8 million. Indeed, when compared to a share of 57.2 per cent registered in 2023, the latter expense declined to 37.3 per cent of the entire intermediate consumption expenditure recorded in 2024. The industry’s variable production and selling costs decreased by 19.1 per cent and 24.8 per cent to €71.0 million and €3.4 million respectively, while overheads costs increased by 17.8 per cent to a total of €26.0 million (Table 3, Chart 4).
Chart 4. Distribution of intermediate consumption by type and year
in € million
The total assets and liabilities of the industry stood at €449.3 million, a decline of 5.0 per cent over the position recorded during the preceding year (Table 4, Chart 5).
Chart 5. Summary of the financial position of the aquaculture industry
in € million
Tables
Methodological Notes
1. The objective of this news release is to provide a complete overview of the structure, output and intermediate consumption registered by the aquaculture industry in MALTA through statistical data that is administratively collected via a yearly census conducted by the Aquatic Resources Malta amongst the entities that are operating fish farms.
2. The collected data is collated in line with Regulation (EC) No 762/2008 of the European Parliament and of the Council of 9 July 2008 regarding the submission by each Member State of statistics on aquaculture (thus repealing Council Regulation (EC) No 788/96 of 22 April 1996) and with Appendix X of the Commission Decision (2010/93/EU) of the 18 December 2009.
3. The data in this release is collected by means of a detailed census carried out amongst all the registered fish farms. Each fish farm is asked by the administrative source to submit information regarding their yearly structures and the economic and financial activity. The data consists essentially of the number, surface area and volume of cages utilised by the fish farm, the purchases and sales of fish in weight and in value recorded by the entity, the opening and closing valuation of stocks held for the year, the expenses incurred in the production of farmed fish and the total assets and liabilities (starting as from the year 2020) of the same fish farms. All the operating fish farms surveyed for this year’s census cooperated and responded to the requested statistics.
4. The figures reported in this publication (including the latest statistics) are subject to any revision/s that the Office may consider as necessary.
5. Definitions:
● The aquaculture industry, which is entirely dependent on marine resources, has two sectors:
– tuna farming which relies on captured wild Atlantic bluefin tuna fish and is referred to as “capture-based species” (CBS);
– the farming of “closed cycle species” (CCS) such as Gilthead seabream, European seabass, Meagre and Amberjack that are cultured from eggs produced in hatcheries.
● Change in stocks is the difference between the closing stock of the various species as at 31 December and the relative opening stock as at 1 January of the year under review.
● Intermediate consumption represents the value of almost all goods and services used as inputs in the production process with the exception of some specific items which, by methodology, are necessarily classified elsewhere.
● Gross value added of the aquaculture industry is the value of output less the intermediate consumption.
● Consumption of fixed capital is the decline in value of fixed assets owned as a result of normal wear and tear and obsolescence sustained during an accounting period.
● Compensation of employees is the total remuneration, in cash or in kind, payable by an employer to an employee in return for work done by the latter during an accounting period.
● Operating surplus is the surplus arising from production after allowing for intermediate consumption and compensation of employees.
● Total assets and liabilities in a balance sheet is a statement, drawn up for a particular point in time, of assets economically owned and of liabilities owed by an institutional unit or group of units.
6. MALTA encompasses the regions of Malta, and Gozo and Comino.
7. More information relating to this news release may be accessed at:
Sources and methods
Metadata
Statistical concepts
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