Íslandsbanki issues Canada Seafood Market Report
Íslandsbanki today released its Canada Seafood Market Report at Seafood Expo Global in Brussels. The report is the latest in our series of Seafood Market Reports covering the seafood industry in the North Atlantic region, which forms the foundation of the Bank’s overseas strategy. Highlights of the report include:
- The 1992 moratorium on the northern cod fishery, combined with a more recent decline in pelagic landings, have reshaped Canada’s seafood industry and contributed to the growing importance of the country’s shellfish sector.
- Total production of seafood in Canada has been relatively stable at just over 1.0 million MT. Despite stable volumes, total value increased by 27% during the five year period from 2010 to 2014 to CAD 3.6 billion, owing to higher prices for shellfish.
- In addition to its marine fisheries, Canada has a large and growing aquaculture sector. In 2014, Canada was the fifth largest producer of farmed Atlantic salmon.
- Fish and seafood are among the largest export food sectors in Canada. The total value of seafood exports has been increasing, reaching CAD 6 billion in 2015.
- The U.S. is Canada’s largest trading partner. The largest export species are lobster, crab, salmon and shrimp.
Íslandsbanki has a long history of servicing the seafood industry, financing the first Icelandic motorized trawler in 1904. The Bank launched its international operations in the late 1990s by providing financing to the seafood industry in Atlantic Canada. Íslandsbanki has established a specialized team within its Corporate Banking Division focusing on the seafood industry. This team utilizes its deep industry knowledge and contacts to provide a full range of financial services to domestic and foreign seafood companies. Íslandsbanki had total assets of approximately USD 8.1 billion as of December 31, 2015; seafood accounted for approximately 22% of the Bank’s commercial loan portfolio.