Newfoundland and Labrador, a Canadian province already hit hard by the cod stock collapse in the early 1990s, has reported a sharp decline in the value of its seafood industry last year.
The 22 percent decrease, to a €617 million total, was however mainly caused by the global recession and the strengthened Canadian dollar in relation to the US dollar, Fisheries Minister Clyde Jackman said.
“There were depressed prices for key species such as snow crab, shrimp and lobster. Yet we are very encouraged by the performance in the aquaculture industry. Notwithstanding exchange rates, there are low inventories for crab and shrimp going into the 2010 season and light ice conditions. Therefore, we are hopeful of a better performance in 2010”, he explained.
