The latest report on Nicaragua’s Monthly Index of Economic Activity (IMAE) paints a mixed picture for the country’s economic landscape, with overall growth at 4.8 percent. However, within this data lies a stark reality for the fishing and aquaculture sectors, which experienced a notable decline despite broader economic expansion.

Fishing and Aquaculture

Amidst the backdrop of economic growth, fishing and aquaculture stand out with a negative performance, registering a concerning -16.7 percent. Despite a modest uptick of 1.4 percent in December, largely attributed to increased production of farmed shrimp and various fishing products, the sector’s overall trajectory presents challenges.

Farmed shrimp, a significant component of Nicaragua’s aquaculture industry, faced a notable setback in export earnings. Ministry of Development, Industry, and Commerce data reveal a sharp decline of 25.9 percent in volume and 33.7 percent in value over the past year.

Lobster and Whole Fish

In contrast to the downturn in farmed shrimp exports, lobster and whole fish demonstrate resilience and growth. Lobster exports saw a notable increase, with volume expanding by 34.2 percent and value by 3.8 percent. Similarly, the export of whole fish experienced growth, with quantities up by 2.8 percent and value by 3.6 percent. Despite these positive trends, the overarching challenges facing the sector remain.

The challenges confronting Nicaragua’s fishing and aquaculture sectors are not isolated incidents but rather part of a broader trend. Over recent years, the industry has encountered difficulties, with fluctuations in performance reflecting broader economic and environmental factors. From a decline of 5.4 percent in 2020 amidst the pandemic’s impact to marginal growth of 0.5 percent in 2021, the sector has grappled with volatility. While a modest recovery of 6.3 percent was achieved in 2022, the subsequent year witnessed a downturn, marking the worst performance in the analyzed period.