October 18, 2024 — The federal government published an “economic snapshot” in October that said Alaska’s commercial fishing industry in 2023 was about half as profitable as it was in 2021. Last year in particular marked one of the worst years for commercial fishermen in modern history.
Alaska Public Media’s Ava White talked with KMXT’s Brian Venua, who’s kept a close eye on commercial fishing, to break down the report.
This script has been lightly edited for clarity and length.
Ava White: So Brian, it’s not a secret that there has been a major crash in fisheries in the last few years. What’s new about this report in particular?
Brain Venua: National Oceanic and Atmospheric Administration economists estimated that industry-wide profits have plunged in the last few years. As a whole, commercial fisheries in Alaska were estimated to be worth $1.8 billion dollars less in 2023 than in 2022.
That’s split between wholesale values being down by about a quarter year over year – about $1.2 billion dollars. Vessel revenues were also down by over $600 million, according to the report.
NOAA is the government agency that manages a lot of Alaska’s fisheries. According to data linked in the report, people in the industry asked NOAA for a sort of independent snapshot.
I think the big thing is that it helps put numbers to things that a lot of people already know – that commercial fishing has had a really tough time.