November 2, 2007

 

Canada's aquaculture industry generates record US$1 billion for 2006
 

 

Canada's aquaculture industry generated record operating revenues of nearly US$1 billion in 2006, and British Columbia was responsible for the majority of that figure, Statistics Canada reported on Wednesday (November 2, 2007 ).

 

National revenues from production of finfish and shellfish were up 24.7 percent from 2005, reaching US$968 million, although total tonnage was slightly down from record volumes in 2002.

 

Operating revenues generated by Canada's aquaculture industry in 2006 have exceeded previous records for the second consecutive year due to increased production and exports.

 

Finfish sales, accounting for 90 percent of total operating revenues, (particularly Atlantic salmon raised in B.C. and New Brunswick) were up 26.2 percent to US$867.2 million, Stats Canada said.

 

The value of B.C.'s gross Canadian output was a record US$425 million, compared to US$373 million in 2005, up 14 percent.

 

The US was the biggest market, consuming more than 85 percent of Canadian production.

 

Clare Backman of Marine Harvest, one of B.C.'s primary producers of farmed salmon estimates although volume grew just 10 percent over the past two years, value growth was nearly 30 percent.

 

Backman said she does not see oversupply happening in the near future.

 

Although Canada does not sell salmon to China, it is Chinese demand pushing salmon prices, she noted.

 

Backman said the salmon market enjoyed two very good years, particularly in 2006. Prices were good, especially in the US, she said.

 

Ruth Salmon, acting executive director of the Canadian Aquaculture Industry Alliance, said the industry continues to grow despite a lack of government investment. Demand is huge, she said. With continued innovation in the industry, the trend would continue, she added.

 

Canada has a real advantage in the US compared to other countries, Salmon said and in some areas it is having difficulty meeting demand.

 

The industry would be able to expand further if it were allowed to operate on more sites along the eastern coastline, Salmon said.