Profitability of coastal fishing goes down

Although the turnover and total income of coastal fishing increased in 2017, the profitability in the sector decreased, according to the Natural Resources Institute Finland (Luke).

In 2017, the turnover of coastal fishing was EUR 7.6 million, being approximately EUR 0.5 million higher than in 2016. Coastal fishing covers fishing activities using vessels of less than 10 metres in length.

“The total income increased from the previous year by EUR 0.4 million to EUR 9.1 million. The total income consists of the turnover, subsidies and other income, such as seal damage and insurance compensation, as well as rent”, said Markku Kärnä, research scientist of Luke.

In 2017, a total of 1,089 enterprises were engaged in coastal fishing in Finland with an average turnover of EUR 6,900.

The number of coastal fishing enterprises decreased by 11% in 2017, while the average turnover of enterprises increased by one-fifth.

Following the new Fishing Act entered into force at the beginning of 2016, the number of registered commercial fishermen increased. At the same time, the number of small part-time fishing enterprises increased temporarily. In 2017, active coastal fishing enterprises appear to have continued their activities.

“The total costs of coastal fishing enterprises increased to EUR 4.4 million. This increase in costs led to a decrease in profitability, regardless of the increase in turnover. Net profit was roughly 5% lower than in 2016”, Kärnä said.