Fishing industry 'worth millions'

Headline: Fishing industry 'worth millions'

THE FISHING INDUSTRY in Barbados is worth approximately $38 million more to the economy than previously estimated.

This has been revealed by a new study entitled The Value of Barbados' Fisheries: A Preliminary Assessment, conducted by the Centre for Resource Management and Environmental Studies (CERMES) of the University of the West Indies, Cave Hill, in collaboration with the Environmental Special Projects Unit of the Ministry of Energy and the Environment (the funding agency) and the Fisheries Division of the Ministry of Agriculture and Rural Development.

While the economic value assigned to fisheries is often based on the value of the fish straight off the boat, this preliminary study shows that the value of the fish increases with each market transaction until it reaches the consumer.

The overall additional value of about $38 million equated to approximately 2.6 times the landed value of the fish. This ranged from zero for sea urchins to about 7.4 times the landed value for flying fish.
(PR)