Value of Coral Triangle Reefs’ Fisheries Estimated at US $3 Billion

A new study estimates that reef fishes in the Coral Triangle are worth $3 billion, representing 30% of the total value of commercial fisheries in the region, based on datasets gathered from the Food and Agriculture Organization.

This figure is likely an underestimate and does not include the value of small reef fish species consumed by tunas, estimated at $150 million. The study also estimates that coral reef ecosystems in the region support the employment of about 15 million small-scale fishers.

The study, titled The Economics of Fisheries and Aquaculture in the Coral Triangle, was commissioned by the Asian Development Bank (ADB) and co-financed by the Global Environment Facility (GEF) and the Australian Agency for International Development. Its purpose is to estimate the cost required to protect and conserve the Coral Triangle ecosystems.

More than 2,500 species of reef fish can be found in the Coral Triangle, an ecoregion that includes Malaysia, Indonesia, the Philippines, Timor-Leste, Papua New Guinea, and the Solomon Islands—collectively known as the CT6. One of the unique features of the CT6 fisheries is their high biological diversity and wealth of marine resources, which are exploited locally for both commercial purposes and subsistence.

In the Solomon Islands, coral reef ecosystems provide fishing communities with a substantial portion of their fish, materials, and trade, averaging SI$18,000–75,000 per respondent per year (exchange rate at the time: SI$7.1 = US$1), according to a survey from the WorldFish Center.

“We cannot overemphasize the importance of the Coral Triangle Initiative (CTI),” says Patrick Safran, principal officer on fragile situations of the Pacific Department at ADB. “Food security, livelihoods, and the economies of the CTI countries in Southeast Asia and the Pacific mainly depend on coral reef ecosystems and their coastal and marine resources. We certainly would not want to see a future where families living near the coastline can no longer fish and feed themselves.”

Safran adds that people living in the Coral Triangle cannot afford a “business as usual” approach, which risks losing opportunities to maintain, or even increase, the ecological, economic, and socio-cultural value of these resources.

Through various technical assistance projects, ADB and GEF support the Coral Triangle countries in Southeast Asia and the Pacific to build capacity, enhance policies, and undertake conservation projects. These efforts ensure that coral reef ecosystems are resilient enough to withstand and recover from human and natural pressures. Initiatives include habitat mapping, establishment of marine protected areas, preparation of integrated coastal zone management plans for selected areas, and capacity building in ecosystem-based fisheries management from national to community levels.

Source: Coral Triangle Knowledge Network

To download the study, follow the links below:

• The Economics of Fisheries and Aquaculture in the Coral Triangle
• Pacific Studies Series: Fisheries in the Economies of the Pacific Island Countries and Territories