KIRIBATI has announced a third straight year of fisheries earnings in excess of $AUD202 million.
Two days from the new year, Kiribati closed its official books with the revelation that it had received $AUD202 million in fishing excess revenues before the year-end.
The sale of tuna fishery licences to distant water fishing nations like Japan, the United States, and China is a primary revenue source for Kiribati.
Kiribati’s EEZ is one of the world’s largest, covering over 3.4 to 3.6 million square kilometers of the Pacific Ocean, giving it extensive jurisdiction over marine resources.
Additionally, Kiribati’s coastal fisheries revenues surpassed $AUD1 million for the first time.
In 2023, the small Pacific territory raked in $AUD200 million, setting a record for its oceanic fisheries.
The fisheries ministry said the achievement was reached despite the prolonged period of La Nina posing unfavourable fishing conditions within Kiribati’s national waters.
“The ministry remains committed to exploring new opportunities to maximize the sustainable benefits derived from Kiribati vast ocean resources,” an official media release noted.