Aquaculture industry rebounds

[Nicaonline]

Aquaculture industry rebounds

 

By The Canadian Press - For Business Edge
Published: 10/27/2006 - Vol. 3, No. 22



Operating revenues generated by Canada's aquaculture industry rebounded to an all-time high in 2005 on the strength of increased production and exports.

The industry ended two consecutive years of declines, reporting record revenues of $752.6 million, up 11 per cent from 2004.

Finfish sales, which accounted for just over 88 per cent of total operating revenues, increased 12.3 per cent to $663 million, mainly on a 40.5-per-cent increase in the value of all-important salmon production.

The value of aquaculture exports surged 22 per cent to $514.6 million, with the most significant contributor a 25.2-per-cent jump in the value of fresh salmon exported to the United States.

Finfish sales grew in both of the country's largest aquaculture-producing provinces - British Columbia and New Brunswick, where finfish revenues jumped 14.5 per cent to $331.1 million and 6.6 per cent to $258 million, respectively.