Fisheries exports are a key source of income for the industry and wider economy in the Falkland Islands.
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Falkland Islands
Fishing Industry
We need a good deal for
Falkland Islands fish exports...
As a result of the Overseas Association Decision, the Falkland Islands benefit from tariff and quota free access for fishery products exported to the EU. In 2018, the EU27 was the destination for 89% of the Falkland Islands’ exports of fishery products, by weight.
On average the fisheries exports to the EU contributes to over 43% of our GDP, 1/3 of government revenue, and 2/3 of corporation tax receipts.
The impact of a no deal or bad deal Brexit on our fish exports
If the UK were to leave the EU without any free trade agreement or deal, fishery exports from the Falkland Islands into the EU27 would, at best, be subject to the World Trade Organisation (WTO) tariffs of between 6% and 18% as minimum.
If tariffs are imposed, it is assumed that our fisheries exports would decrease and some markets would be lost altogether.
As a result of this, we estimate, in the event of a no deal Brexit, potential annual losses to the fishing industry of up to 16% on fishing industry revenues. There would also be a direct negative impact on employment levels in the Islands and the wider economy.
Key Facts
