Fisheries - Invest Solomons

Vital to economy and food security: Fisheries are central to the country’s economy, culture, and livelihoods. With an Exclusive Economic Zone (EEZ) of 1.58 million km²—over 500 times its landmass (3^rd largest in the Pacific)— it has some of the world’s richest tuna stocks alongside diverse coastal fisheries, providing food security and significant untapped investment opportunities.
National commitment and planning: Guided by the National Fisheries Policy 2019–2029 and the Tuna Management and Development Plan, the sector aims to maximize tuna returns, strengthen community-based coastal fisheries, and expand aquaculture. Investments in processing, cold storage, and sustainability further support long-term growth.
Significant economic contributor: Fishing represents 7.0% of GDP (US$108.8 million), making it the second-largest export earner after forestry. Tuna is the leading commercial activity, while inshore fisheries and aquaculture are vital for nutrition, jobs, and rural development.
Sustainability and community management: The Solomon Islands is a regional leader in sustainable tuna governance through the WCPFC, and more than 250 villages practice Community-Based Resource Management (CBRM) to safeguard fisheries for future generations.

Potential investment opportunities

Sustainable commercial fishing: Licensing and partnerships for tuna longline fishing (especially albacore and yellowfin), fleet expansion and modernization.
Coastal fisheries: Aquaculture farms, hatcheries, and nursery facilities, particularly for seaweed, tilapia, giant clams, sea cucumber and shrimp.
Processing & value addition: Fish processing plants (filleting, freezing, canning), fishmeal and fish oil production.
Cold chain logistics: Warehouses, refrigerated transport, air cargo expansion, upgraded fish landing sites.
Seafood certification: MSC & ASC certification services and traceability systems.
Maritime repair & resupply: Shipyards, dry docks, marine fuel, and resupply stations.

Industry overview

Strong regional standing with untapped potential: The Solomon Islands captured 40,061 tons of fish in 2023, ranking 8^th among the 14 pacific island states. Despite having the 3^rd largest Exclusive Economic Zone (EEZ) in the Pacific, current production remains relatively low compared to regional leaders, underlining the vast potential for growth and modernization.
Volatility highlights opportunity: Fish captures dropped from 68,274 tons in 2019 to 40,061 tons in 2023, an average annual decline of –8.5% over five years. While production has fluctuated, this underlines the urgent need and significant opportunity for investment in sustainable practices, and value-addition to stabilize output and unlock the full potential.

^{Source: FaoStat (www.fao.org/fishery/statistics-query/en/capture/capture_quantity)}

Pacific leader in aquaculture: The Solomon Islands produced 11,800 tons in 2023, accounting for 78% of all aquaculture output in the Pacific. This makes the country the clear regional leader, far ahead of Papua New Guinea (2,552 tons) and Fiji (542 tons).
High growth momentum: Aquaculture has more than doubled in the last five years, achieving an impressive average annual growth rate of 16.4%. After steady volumes around 5,500 tons (2018–2020), production surged past 12,000 tons in 2021 and has remained strong, highlighting the sector’s potential to expand further and attract new investment.

^{Source: FaoSta (www.fao.org/fishery/statistics-query/en/aquaculture/aquaculture_quantity)}

Fish is a top export sector: Fisheries products represented 13.7% of total exports in 2024, making them one of the Solomon Islands’ top five export categories alongside wood, gold, and metal ores.
Processed fish (HS 1604): The largest fisheries export, valued at US$90.1 million in 2024, has grown at an impressive 5.8% annual average over the last five years, reinforcing its role as the backbone of the industry and a key driver of export earnings.
Frozen fish (HS 0303): Valued at US$9.6 million in 2024, frozen fish exports have declined in recent years, pulling down total fisheries exports to an overall –1.6% annual average contraction during 2019–2024. Despite this, frozen fish continues to diversify the export mix and provides room for recovery.

^Note:^{In 2024, frozen fish exports totaled US$9,566 (1.4%), while fish flour exports reached US$2,048 (0.3%). - HS4: Harmonized system at 4-digit code (heading). - Source: www.TradeMap.com (Based on mirror statistics due to the absence of up-to-date official data)}

Export destinations for processed fish: Between 2019–2024, processed fish exports were highly concentrated in Europe, with Italy alone absorbing 76.6% (US$323.4 million), followed by Spain with 17.7% (US$74.6 million). Smaller markets included Fiji, the USA, France, and others, together making up less than 6% of exports.
Export destinations for frozen fish: From 2019–2024, Thailand dominated with 62.5% (US$75.1 million), while Spain (7.2%), the Philippines (6.2%), and Papua New Guinea (5.6%) were also key destinations. Ecuador and other emerging markets accounted for a further 18.5%, showing growing diversification beyond Asia.

^{Note: 1604}^Product:^{Prepared or preserved fish; caviar and caviar substitutes prepared from fish eggs. 0303}^Product:^{Frozen fish (excl. fish fillets and other fish meat of heading 0304). - Source: www.TradeMap.com}