Fishing industry performance at historic levels in 2007

It is estimated that for 2007, the total annual value of the Newfoundland and Labrador fishery will approach $1 billion.

This represents a historically high level of industry performance and is primarily indicative of increased landings and improved market values for key species.

"Our government is pleased to see such a positive performance in our province’s fishery," said Tom Rideout, Minister of Fisheries and Aquaculture. "We have placed a great deal of focus on addressing the issues in the industry and I am pleased to see these efforts are beginning to pay off."

For the January to November period, landings were up 5.7 per cent over 2006, largely due to an increase in shellfish and pelagic landings. This offset a decline in groundfish landings, which remain down due to the fact that some quotas will not be fully harvested this year.

Shellfish landings increased 6.8 per cent over 2006, which was largely due to an increase in landings for both northern shrimp and snow crab.

A 6.2 per cent increase in snow crab landings was an important boost for the industry as the harvesting price for snow crab also increased considerably in 2007. The increased landings for snow crab, combined with an increased harvesting price, resulted in a 70 per cent increase in landed value for the snow crab fishery in 2007. Market prices for snow crab rebounded this year and this resulted in a higher price for harvesters. However, while prices have increased, the Canadian dollar diminished the returns that the industry would have seen had exchange rates been more favourable.

Groundfish landings fell by 3.9 per cent between January and November 2007. This was mostly due to a decrease in landings for redfish and turbot. As well, yellowtail flounder landings remained particularly low.

For the January to November period, pelagic landings increased by 7.7 per cent over 2006. This can largely be attributed to an increase in mackerel landings.

In the aquaculture industry, mussel and salmonid production remained on par with 2006. It is anticipated that aquaculture production value will decline marginally in 2007 due to the rise in the Canadian dollar. Seven new aquaculture sites were developed and stocked this year which should positively impact future production levels.

Employment in the fishery was down by a total of three per cent. However, approximately 25,000 people continue to be employed in the province’s fishery. Conversely, employment has increased by 10 per cent in the province’s aquaculture industry.