Fishing village in Nova Scotia.
Photo: Adobe Stock.
The threatened U.S. tariffs on Canadian exports have led some of Canada's major seafood-producing provinces to take action to boost their fisheries and aquaculture sectors' efforts in developing new markets elsewhere.
A possible trade war between the two countries is a worrying scenario for Canada's seafood sector, for which the United States is the largest export market. In 2023, the U.S. imported CAD $4.9 billion worth of Canadian fish and seafood, accounting for 64% of the country's total seafood export value, according to Canada's Department of Fisheries and Oceans.
However, potential retaliatory tariffs by Canada would also spell bad news for U.S. seafood producers. In 2023, the U.S. supplied 31% of Canada's fish and seafood imports, valued at over CAD $1.4 billion.
Nova Scotia's seafood exports are valued at CAD $2.5 billon annually, with the US its top export market, accounting for 49% of its total, or CAD $1.6 billion, in 2023, followed by China (28%) and Europe (10%), according to Nova Scotia Seafood.
The province is now aiming to expand its foothold in Europe, with Nova Scotia's Fisheries and Aquaculture Minister Kent Smith embarking on a trade mission to Europe together with Nova Scotian and other Atlantic Canadian seafood companies. The goal is to develop markets in Italy, France and the United Kingdom.
“It has never been more important to showcase our premium quality seafood on the world stage,” Smith said in a government press statement.
“With the continued uncertainty from the United States, it’s more important than ever that we ramp up our efforts to help Nova Scotian companies expand into new markets," Smith added.
The delegation includes six Nova Scotian companies and eight others from other parts of Atlantic Canada. In addition to meeting with potential new European buyers, the Minister and his team said they would also be meeting with Canadian embassy officials, Canadian trade commissioners, local government representatives and trade associations.
Newfoundland & Labrador is another key seafood-producing province in Canada, known in particular for its snow crab, its most valuable seafood product - most of which is exported to the U.S. It too, is taking action in the face of the proposed U.S. tariffs.
Statistics for 2022 indicate that the United States was the main export market for the province's fishing and seafood sector, accounting for $795.8 million out of a total of $1.24 billion in exports in 2022, including over 90% of its snow crab exports.
According to reports by Canada's CBC News, the Newfoundland & Labrador government is redirecting almost CAD $6 million in funding in support of "market diversification" for its seafood and fisheries sector.
The province's Fisheries Minister Gerry Bryne held a Fisheries Roundtable on February 5 to consult with seafood industry stakeholders regarding the tariffs, and commented to CBC news that it was "sensible to prepare for the long-term and diversify out of the United States."
