The Falkland Islands have seen a remarkable increase in squid catches in the past two seasons, with a total of 101,073 tons in 2022, the highest since 1989. Despite the record-breaking catch, the fishing industry has faced challenges such as increased fuel and transport costs, resulting in unsold catch. The high volumes of catch have been attributed to the first and second seasons being the highest since 2021 and 2019 respectively. The industry also faced new tariffs on fisheries products since the end of the Brexit transition in 2021, with a total of €14.7m paid for imports of around 86,000mt of Falklands' products, primarily Loligo, in 2021. The implementation of the new Individual Transferable Quota (ITQB) system is nearly complete and is set to be implemented from January 1, 2023.