Commercial Fisheries

There are 130 species fished commercially in New Zealand waters. Their market value can change depending on how much the market – both here and overseas – wants to buy.

Economists have placed a value on New Zealand’s living marine resources based largely on average quota values. The total asset value has been increasing over time. In the 11 years between 1996 and 2007 it has increased 40 percent from $2.7 billion to $3.8 billion.

When compared with the rest of the world, New Zealand’s growth in fisheries production fluctuates. Much of this fluctuation reflects the variation in harvest of species, where the amount caught can fluctuate from year to year; squid is an example of this.

The fishing industry is worth a lot of money to the New Zealand economy. The wild fish catch earns more than $1.1 billion in export earnings each year and sales from aquaculture bring the total to more than $1.3 billion.

Like other sectors there are costs associated with fishing that can have an impact on overall earnings. The commercial sector looks for ways to fish economically. Sometimes this involves looking overseas for solutions.

One example is New Zealand companies chartering fishing vessels and crew from overseas companies. Such fishing vessels are commonly known as Foreign Charter Vessels (FCVs).

FCVs operate in many of the deepwater fisheries, including squid, hoki and jack mackerel, and account for a significant proportion of catch in these important and valuable fisheries. The majority of the FCVs operating in New Zealand are from Korea, Russia and the Ukraine.

When chartered by New Zealand fishing companies, these vessels are bound by the same area closures and restrictions as the domestic fleet. They are also subject to the same requirements for observer coverage. Likewise, if FCVs breach any part of the Fisheries Act 1996, they are subject to the same punishments as domestic vessels.