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Rising Dollar Hits Seafood Exports

VICTORIA - The major outlet for Gippslands seafood harvesters, the Lakes Entrance Fishermen's Co-op has had to suspend its export operations because of the rise of the Australian dollar.

The co-operative has not had to stop export to Asia of wild harvest seafood since 1968.

Dale Sumner, co-op manager, stated that with Australian the dollar currently around 94 US cents, there would need to be a devaluation back to 75 cents to make its seafood exports viable.

He also noted that rising fuel prices were also exacerbating the issue.

Source: Gippsland Aquaculture Industry Network