Seafood will help Nova Scotia exports grow in 2015
Export Development Canada says Nova Scotia's agri-food exports, especially seafood, are projected to see a third year of double-digit growth in 2015
Halifax, N.S. – Nova Scotia’s agri-food exports are expected to increase in 2015, says Export Development Canada (EDC).
The EDC is projecting a third year of double-digit growth for the province’s agri-food sector – by up to 22 per cent – and is attributing the increase to:
• a solid recovery in the U.S.;
• higher live lobster prices; and
• increased diversification of sales to emerging markets.
“Economic recovery in the U.S. means consumers are dining out more and buying pricier menu items,” says Peter Hall, chief economist at the EDC.
“Nova Scotia live lobster is a hot commodity, especially for big cities in the U.S. Northeast.”
The growing middle class in Asian countries has also led to increased demand for seafood, and helped to diversify the province’s export destinations.
“Seafood exports outside of the U.S. are growing rapidly. This is quickly becoming one of the country’s more diversified export sectors,” says Hall.
Canada’s free-trade agreement with South Korea, ratified in January, is also expected to increase shipments to East Asia.
Other manufacturers and sectors have also invested in the province, such as Michelin, which will help grow auto sector exports by 14 per cent this year.
Other Nova Scotia industries that will benefit from increased investment are aerospace and the biochemicals sector. While the overall outlook for Nova Scotia is positive, the energy sector will be hit by a sharp drop in activity.
Scallop image courtesy of Simon Howden at FreeDigitalPhotos.net