The Competitiveness of Mozambique’s Fishing Sector
Mozambique’s fishing sector is already an important source of food, employment, and revenue for the country but its potential may not be fully tapped. At present, fishing operators complain of high operating costs. The oil crisis that began in 2004 and peaked in 2008 and the global financial crisis have had a very negative impact on fishing in Mozambique. As oil prices rose in 2008, more than half the country’s 59 industrial fishing vessels ceased operations. The financial crisis has reduced international demand for fisheries products, depressing prices as well as trade volumes for fisheries products. The international price of shrimp, Mozambique’s principal seafood export, has been especially affected. And there is reported to be a lack of capital for private and public investment in the sector.