February 23, 2006

Pakistan's seafood exports crippled by high diesel prices

High diesel prices is wiping out seafood exports from Pakistan as latest figures show a decline of about 90 percent and scores of fishermen abandoned fishing operations for the season.

Fishing operations have been halted in protest against the diesel price-hikes and less than half of the fishing boats are sailing this season, according to the Pakistan Seafood Industries Association (PSIA)'s vice-chairman, Faisal Iftik.

The seafood exporting industry has been incurring losses of Rs2 million (US$44,000) monthly for the past 3 months since protests began.

Seafood exports from Pakistan during the first six months of the current fiscal year rose by 20 percent, amounting to Rs72 million (US$1.2 million). However, the situation has taken an about turn during the past three months as exports took a beating after October.