Aquaculture for all

Newfoundland Fishery Proceeds to Exceed $1 Billion

Economics +1 more

NEWFOUNDLAND - The provincial Department of Fisheries and Aquaculture has estimated fishery production value for 2008 will be on par with 2007, and is again expected exceed $1 billion for the year.

Minister Tom Hedderson indicated the government is extremely pleased to see such positive performance in the fishing industry, reports Southern Gazette.

“The Williams’ Administration has been very proactive in doing what is necessary to grow our fishing and aquaculture industries through the Fishing Industry Renewal Strategy and aquaculture investment attraction programs. We are pleased to see that these efforts continue to pay off,” he said.

The landed value of seafood is forecast to increase by 12.8 per cent for 2008 to approximately $540 million, while there will also be a slight increase in landed volumes. The landings of snow crab are estimated to have increased for the year and the price of the product rebounded from previously low levels.

Landed value is estimated to have increased significantly due to increased prices for certain species such as inshore northern and gulf shrimp, and capelin.

Some areas of the fishery such as groundfish should see a significant increase for the year due to increases in the catch of yellowtail flounder. However, such increases will be tempered by lower catches in other fisheries such as the mackerel fishery.

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