The Importance and Current Reality of Peru’s Fishing Sector

Peru’s official government data shows that the country’s fishing sector has made a strong comeback in 2024, with figures from the National Institute of Statistics and Informatics (INEI) confirming a 329% increase in production in May compared to the previous year.

This surge comes after two difficult years marked by climate disruptions and falling catches. The Ministry of Production (Produce) attributes this growth mainly to a record anchovy season, with over 1.45 million tons landed in May alone.

From January to September 2024, Peru’s fishery exports reached $3.19 billion, up nearly 30% from the previous year. China, the United States, Spain, Chile, Japan, and South Korea accounted for over 70% of these exports.

Most of the value came from fishmeal and fish oil, products in high demand for animal feed and aquaculture worldwide. The fishing sector’s contribution to Peru’s GDP has increased in 2024.

The extractive and processing segments combined are expected to add nearly 1% to the national total. The sector’s rebound has also generated significant employment, directly supporting hundreds of thousands of jobs across the country.

Peru’s government has responded to the sector’s growth with stricter regulations and enforcement. In 2024, authorities carried out a record 163,148 inspections to combat illegal, unreported, and unregulated (IUU) fishing, seizing over 3,200 tons of fishery products.

Peru Tightens Oversight to Protect Key Fishing Industry

Anchovy, the backbone of the industry, made up the largest share of these seizures. The government enacted Supreme Decree No. 014-2024-PRODUCE, requiring satellite tracking for foreign vessels and giving the military authority to intervene against illicit activities at sea.

Officials say these measures are necessary to protect marine resources, ensure fair competition, and maintain Peru’s reputation as a reliable supplier.

The Ministry of Production has also updated the General Fisheries Law to strengthen artisanal fishing and restrict industrial activity within five nautical miles of the coast, aiming to balance economic interests with sustainability.

Despite these gains, the sector faces ongoing challenges. Climate change continues to threaten fish stocks, and disputes over fishing rights near protected areas highlight tensions between industry and conservation.

Still, Peru’s experience shows that strict oversight and strong demand can drive growth in a sector vital to the country’s economy and global food supply.

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