Abstract
This paper examines the determinants of the seafood trade and their nature of relationship in Sri Lankan context. The analysis was done using a comprehensive panel data set covering 107 importing countries for time period 2001-2017. The economic sizes of the importer and Sri Lanka have a positive influence on seafood export values while the physical distance, tariff rate, non-tariff measures, and population of importer have a negative impact. There was no long-run association among those variables but seafood exports have shown a short-run causality with GDP of importing countries, tariff and non-tariff measures.
Highlights
Being an island nation fisheries sector plays a massive role in the socioeconomic development of Sri Lanka
The econometric approach utilized in this research was the gravity model of trade while the zero-inflated negative binomial (ZINB) model was adopted as the estimation technique
The GDP and population of importing country, GDP of Sri Lanka, tariff and non-tariff measures imposed on seafood trades of Sri Lanka, the distance between Sri Lanka and the importer are significant in determining the seafood trades of Sri Lanka
Summary
Being an island nation fisheries sector plays a massive role in the socioeconomic development of Sri Lanka. It provides livelihood for around 2.7 million people in the country in direct and indirect way. Fisheries satisfy the 60% of animal protein necessity of the individuals of Sri Lanka (NARA, 2018). Fisheries sector has recorded 1.3% contributions to the country’s GDP in 2017 (MFARD, 2017). Sri Lanka is well known as a high-quality tuna exporter in the global seafood market. The contribution of the fish and fishery products exports to the total merchandize exports of the country was just 2.2% in 2017 (Sandaruwan and Weerasooriya, 2019)
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