Canada’s seafood exports increased 11.9 percent in 2014 from the previous year, to a total of CAD 4.9 billion (USD 3.83 billion; EUR 3.61 billion).
Gail Shea, Minister of Fisheries and Oceans, made the announcement about Canada’s growing seafood trade on Monday at Seafood Expo North America in Boston.
“Our Government's efforts since 2006 to open new markets to our world-class fish and seafood products are producing concrete results,” she said. “We are already seeing increased exports to the European Union in anticipation of our trade agreement coming into force. We can expect even more growth over the coming years as tariffs are phased out as a result of our trade agreement with South Korea as well.”
Canada’s products reached 136 global markets, up from 123 in 2013, with the United States remaining its largest seafood trading partner, accounting for 63 percent of exports, at a value of CAD 3.1 billion (USD 2.42 billion; EUR 2.28 billion).
The biggest export increase was to the European Union with a CAD 89 million (USD 69.6 million; EUR 65.6 million) increase, up 24 percent. Exports to the EU figure to grow further, as the Canada's Comprehensive Economic and Trade Agreement (CETA) with the EU takes effect, 96 percent of EU tariffs on Canada's fish and seafood products will be immediately eliminated, with the remaining 4 percent will be eliminated within seven years. Trade with South Korea is also expected to increase as a result of the Canada-Korea Free Trade Agreement, which came into force January 1, 2015.
Canada's largest exports were lobster, snow/queen crab, shrimp and farmed salmon. In 2014, these species represented 63 percent, or CAD 3.1 billion (USD 2.42 billion; EUR 2.28 billion), of the total value of exports and 46 percent (262,000 metric tons) of the total volume of seafood exports.
