Fishery industry’s revenue drops 12% in 2016

The total revenue of the country’s fishery industry in 2016 amounted to EUR 901 million, posting a 12 per cent decline from that in 2015, said the Natural Resources Institute Finland (Luke) in a press release on Tuesday.

In 2016, there were 1,779 companies operating in the industry mainly in commercial marine fishery, aquaculture, fish processing, and wholesales and retailing of fish.

On the other hand, in 2016, the total value added by the industry increased by almost one-fifth to EUR 146 million year on year, said Markku Kärnä, a researcher at Luke.

Fish processing and trading in that year remained highly centralised as before, with the 10 largest companies earning more than 80 per cent of the total revenue in those two segments.

The fishery industry in 2016 provided 2,052 person-years of employment, with fish processing contributing the highest share of 30 per cent.

The industry as a whole in that year proved more profitable than in 2015. The largest net profit of EUR 6.6 million was made by fish retailing.

In 2016, fishing was the only segment of the industry where the annual revenue declined, while the revenue of the rest of the industry actors increased.

According to Kärnä, in that year, the wholesale segment accounted for 15 per cent or EUR 322 million revenue earning made by the industry, making the largest amount of profit, EUR 311 million.