Canada Seafood Market Report
We are pleased to present the latest in our series of Seafood Market Reports. 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. Through these reports, we strive to provide insights into the key trends and issues shaping the industry.
In 2013, we published a Seafood Market Report on the North Atlantic region, which forms the foundation for the Bank’s overseas strategy. In subsequent reports, we provided an overview of the North American Seafood Market and regional differences in the U.S. seafood industry. This year, we shift our focus to Canada where fisheries play an important role in the country’s economy as one of the largest export food sectors.
For additional information about Íslandsbanki’s seafood industry services and to access prior reports, please visit our website.
- In 1992, Canada’s Fisheries and Oceans Minister imposed a moratorium on the northern cod fishery, which reshaped the country’s seafood industry. This moratorium, combined with a decline in pelagic landings, have contributed to the growing importance of Canada’s shellfish sector.
- Canada’s annual production of seafood has been relatively stable, averaging just over 1.0 million MT during the five year period from 2010 to 2014.
- During this period, total value increased by 27% to CAD 3.6 billion, owing to higher prices for shellfish (aided by the weakening of the CAD relative to the USD since 2012).
- 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 6.0 billion in 2015.
- The U.S. is Canada’s trading partner. Canada’s largest export species are lobster, crab, salmon and shrimp.
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