Newfoundland benefits from Chile’s ISA woes
Newfoundland’s salmon and shellfish exports are expected to increase next year due to Chile’s struggles with infectious salmon anemia and recovering shellfish prices.
According to a recent report from Export Development Canada (EDC), rising salmon and shellfish exports are forecasted to contribute to a 4 percent jump in the province’s total food exports next year.
And while Newfoundland’s total exports are projected to increase 2 percent in 2010, exports of industrial goods and energy still face challenges, while the province’s food sector will not be hit as hard by the difficult economy.
“What would have been a sharp export decline was moderated by the development of the salmon aquaculture sector, which is benefiting from the misfortunes of Chilean farmed salmon producers,” said Peter Hall, EDC chief economist.
The report said that the overall growth in Newfoundland’s 2010 exports will be supported by global improvements in prices of crude oil, base metals and shellfish and a slight firming of demand overall, but the gains will be hampered by declining energy output.