Killybegs, Ireland's largest fishing port.
Photo: Adobe Stock.
Ireland’s fishing industry recorded a sharp rise in profitability in 2023 after a difficult 2022, according to the latest Annual Fisheries Report from Irish seafood development agency, Bord Iascaigh Mhara (BIM).
Based on data from 1,393 vessels, the report found that while total revenue fell slightly by 1% to €305 million, gross profit rose to €48 million, up from €20.5 million in 2022. Gross value added (GVA) remained stable at €144.5 million. The improvement was mainly attributed to a 12% fall in operating costs, particularly reductions in fuel and personnel expenses.
The sector also benefitted from €70.9 million in subsidies provided under the Brexit Adjustment Reserve (BAR) and the European Maritime, Fisheries and Aquaculture Fund (EMFAF), though these supports were not factored into the gross profit calculation, BIM said.
Landings in 2023 amounted to 186,300 tonnes, up 6% in weight compared to the previous year, but their value dropped by 5% to €286.4 million. Meanwhile, energy costs fell 17% to €52.4 million, and overall the fleet contributed to 2,681 jobs or 1,743 full-time equivalents in coastal communities.
Minister of State Timmy Dooley T.D. said the report offers “a clear insight into the challenges and opportunities facing Ireland’s fishing industry.” He said the data would help ensure that policy decisions “are grounded in the realities experienced by our fishing fleets.”
According to Dr Sarah Perry, BIM’s National Seafood Survey Coordinator, the results highlight how the sector rebounded from the disruptions of 2022, which were linked to international factors including Russia's invasion of Ukraine and Brexit. “The BIM Annual Fisheries Report shows that 2023 saw an increase in profitability of the fishing industry as it recovered from disruption caused by geopolitical issues,” she said.
Looking ahead, forecasts for 2024 point to a decline in performance due to falling revenue, GVA and profit, though BIM said the demersal sector and reduced energy and labour costs could support improvements by late 2025.
Dr Emmet Jackson, Director of BIM’s Economic and Strategic Services Unit, stressed the importance of the survey data in shaping future policy. “This data provides a critical evidence base for understanding the real socio-economic conditions of the Irish fleet and the coastal communities that rely on it. Through collaboration with vessel owners, we have improved our survey participation and data quality year on year," he saiid.
“The insights generated are not only vital for ground-truthing the socio-economic landscape of the catching sector but also for informing policy and investment decisions at both national and EU levels," Jackson continued, noting that in addition to providing information on the economic recovery of 2023, it also "anticipates future challenges in 2025."
The survey results are also used to justify national and EU grant aid schemes under the Common Fisheries Policy, which are aimed at supporting the fishing industry and coastal communities, Jackson explained.
The full Annual Fisheries Report 2025 is available on the BIM website, alongside an interactive online Fisheries Industry Dashboard on BIM’s Data Hub.
The next BIM National Seafood Survey for Fisheries will be launched on 9 October 2025 and will run until 30 January 2026, with Ireland's fishing vessel owners requested to provide their information for 2024.