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.
Meanwhile, the province’s employment in the fishing industry went down by 14 percent.
A year ago, the Fish, Food and Allied Workers (FFAW/CAW), a trade union, protested what they felt were too low catch quotas in light of some signs of recovery for the cod stocks.
The cod stocks off Eastern Canada and Northeastern USA, formerly some of the world’s biggest, collapsed in the early 1990’s and showed few signs of recovery for many years, despite a moratorium implemented in 1992.
The Department of Fisheries and Oceans’ (DFO) fall survey for cod in the area had last year consistently shown relevant increases in spawning stock biomass over the past five years.
The province’s aquaculture production however showed some promising signs in 2009, rising by 18 percent, and the market value for aquaculture products increasing by 45.9 percent to €69 millions.