Singapore (VNA) - About a quarter of Singapore’s sea-based fish farms have exited the industry over the past year, figures from Singapore Food Agency (SFA) showed.
There were 74 sea-based fish farms in October, down from 98 in 2023, according to its 2023 food statistics report. Between 2019 and 2022, the number of sea-based fish farms held steady at about 110.
Some farm operators said they had accepted a financial support package of up to 100,000 SGD (75,753 USD) from SFA to wind up operations.
The support package comes as sea-based fish farms in Singapore are being transitioned to a new sea space management model by the SFA, which the agency announced in 2022.
Previously, farmers didn’t have to pay for the use of sea spaces but will have to do so under the new scheme that took effect in 2024. It means that the cost of maintaining a farm is expected to increase, with farms set to pay 3,600 SGD per year to use half a hectare of sea space from 2026, in addition to a 145 SGD annual farm licence fee.
Farmers are currently paying 20% of the 3,600 SGD fee in 2024, and will pay 50% in 2025, to mitigate the impact of the increase.
Those who opted for the support package cited factors such as higher costs and changing environmental conditions that could impact yield. Some also decided to retire./.
