New Zealand '08 commercial fish resource valued at US$1.9 billion

The asset value of New Zealand's commercial fish resource in 2008 was estimated at US$1.9 billion, according to Statistics New Zealand on Wednesday (Feb 25).

From 1996 to 2008, New Zealand's commercial fish resource, as managed under the quota management system (QMS), increased in value by 45 percent, up from NZ$2.74 billion in 1996, according to the Fish Monetary Stock Account.

In 2008, twenty species contributed 90 percent of the total value of the resource, in which 18 of these species have been managed under the QMS over the period from 1996 to 2008.

The number of species managed under the QMS increased from 32 in 1996, to 96 species in 2008.

The 2008 asset value is 2.6 percent above the previous high of NZ$3.87 billion in 2004.

Economic conditions, such as a declining exchange rate for the New Zealand dollar later in 2008, combined with rising world food prices, resulted in higher export earnings for fish products, which affected the asset value of the commercial fish stock.

Due to data limitations, the valuation currently excludes recreational and customary catch, species reared under aquaculture conditions, and commercial species not currently managed under the QMS.

US$1 = NZ$1.96 (Feb 26)