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CFC records sale hike of over 27,600 kg in April

16 Apr 2021

The Ceylon Fisheries Corporation (CFC), under its brand name Ceyfish, has earmarked a record-high sale beyond 27,600 kg this month, The Morning Business learns. State Minister of Fisheries Corporation Kanchana Wijesekera said in a tweet that the average sales are between 14,000 kg and 15,000 kg daily and that it had never exceeded the 20,000 kg mark. According to official data from the 2014 financial report of the CFC, the Corporation experienced an increase in losses to Rs. 68.97 million, Rs. 41.76 million, Rs. 54.45 million, and Rs.119 million in 2011, 2012, 2013, and 2014, respectively. In addition, statistics suggest that the CFC has made only a small profit in the years 2001-2002 and 2017-2018. Accordingly, the CFC faces issues of mismanagement that affect many other state-owned institutions and Sri Lanka’s public sector organisations, resulting in Year-on-Year (YoY) losses leading to massive debt over the past 20-year period. The organisation proceeded to buy fish from foreign vessels at a price of Rs. 99 per kg (this excluded export-quality fish which the organisation proceeded to sell for Rs. 380 per kg). However, earnings that were not utilised to settle its debt to these foreign vessels were not utilised for that purpose, resulting in the organisation settling these debts now. Nevertheless, the Ministry of Fisheries, in an attempt to curb the heavy losses in the past, is now in the process of establishing a new sales network to make CFC a profitable institution in Sri Lanka. Additionally, the Ministry introduced low-interest loan schemes and other financial support, training, and technical assistance for beginners as well as for the people already involved in the ornamental fish industry. Strategies implemented for the development of ornamental fish industry include diversification of species and variety composition of the export fish basket by improving quality, minimising pressure on natural stocks in the wild through the promotion of domestication and captive breeding (particularly of marine and indigenous ornamental fish), further discouraging the use of destructive fishing methods which includes tissue culture of ornamental aquatic plants and reducing mortalities throughout the supply chain by introducing best management practices, and overall improving fish health management. Sri Lanka consists of 111 ornamental fish species living in freshwater and marine habitats and is reputed as a supplier of good-quality fish to the international market. The country has had a steady expansion of its trade involving more than 125 countries and has exported ornamental fish to 76 countries, where 80% of that export volume were to 11 countries. Prices obtained by exporters have remained virtually static over a number of years despite the increase in associated production costs such as artemia, feed, chemicals, and drugs.


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