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| Last updated at 3:09 PM on 05/02/08 |
Fishery value nears $1 billion in 2007 
Minister says fishery will be government priority in 2008
BY CLAYTON HUNT
The Coaster
The marketplace value of the Newfound-land and Labrador fishery reached a historic high in 2007 by reaching the $1 billion mark as the industry saw increased landings in, and improved market value for key species.
The Honourable Tom Rideout, the provincial Minister of Fisheries and Aquaculture, said that two key reasons why the fishery was so lucrative in 2007 was that the fishery started on time with no major price disputes and landings were up 5.7 per cent over 2006 due to an increase in shellfish such as the snow crab and in pelagic species such as mackerel.
"Snow crab has been a very important species for our province's fishery ever since the decline in groundfish. It is extremely positive that our province was able to benefit from both the higher price and increased landings for snow crab last year," said Minister Rideout. "This species makes an important coastal contribution in rural areas of the province."
Levi Snook in Harbour Breton was one of those fish harvesters for whom the snow crab fishery was very important in 2007.
"The snow crab fishery was the savior of many fish harvesters in 3ps in 2007. The price increased from about $.94, in 2006, to about $2 per pound last year, and this increase certainly made a big difference economically for large and small boat fishermen alike," said Mr. Snook.
"When you realize that 5,000 pounds of crab was worth $10,000 in 2007 while 20,000 pounds of cod was worth $8,000 you understand why the crab fishery was so important to all crab fish harvesters last year." According to Mr. Snook, the price for crab in 2008 was not determined as of Jan. 29 - it may be lower due to the high value of the Canadian dollar. However, if markets for crab can be found in Asia, prices could be about the same as they were in 2007.
In addition to the increased price for snow crab last year, the 6.2 per cent increase in landings was an important boost for the industry. The increased landings, combined with an increased harvesting price, resulted in a 70 per cent increase in landed value for the snow crab industry.
The higher landings and increased value for snow crab offset the fall in groundfish landings in 2007, which fell by 3.9 per cent between January and November. This was mostly due to a decrease in landings for redfish and turbot. The yellowtail flounder landings also remained low last year.
The province's 2007 aquaculture industry remained on a par with 2006. It is anticipated that aquaculture production value declined marginally in 2007 due to the rise in the Canadian dollar. Seven new aquaculture sites were developed and stocked last year, which should have a positive impact on future production levels.
According to Minister Rideout, most of these sites were for salmonids that were all established on the south coast.
Although employment in the fishery was down by a total of three per cent, approximately 25,000 people continued to be employed in the province's traditional fishery. However, employment increased by 10 per cent in the aquaculture industry in 2007.
Mr. Rideout noted that the provincial government has taken steps to revitalize the traditional fishery.
"The big initiative we undertook in 2007 to revitalize the fishery was to introduce a new vessel replacement loan guarantee program where people can get a loan from a bank and the government will guarantee that loan," Minister Rideout said.
"With the new licence combining program and the larger vessel replacement program I would estimate that the government will probably, over the next three to four years, be exposing the province to perhaps an extra $100 million in loan guarantees."
Mr. Rideout continued, "In addition to the loan guarantee program the government has invested $6 million in fisheries research and development, and we have earmarked $3 million for new marketing initiatives. We hope that these initiatives, and others, will, at the end of the day, improve the prospects for the fishing industry and hopefully, especially in rural areas, more people will be attracted to the fishery"
Mr. Rideout went on to say that 2007 was a good year for the fishing and aquaculture industries in Newfoundland and Labrador.
"The fishery will continue to be a priority for our government as we move forward into 2008."
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05/02/08
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