Rising Canadian Dollar and Inventory Concerning For N.S. Lobster Fishermen
Above photo: The Lower Woods Harbour wharf is piled high with lobster traps as fishermen prepared for dumping day last fall. A rising Canadian dollar, low shore prices where commercial fishing seasons are currently open, and ample inventory for processors as well as the live market are adding up to an uncertainty for the opening marketing conditions for the LFA 33 and 34 lobster fishery. Photo by Kathy Johnson
Uncertainty would probably be the best way to describe any forecast for the ...
Stronger Canadian Dollar Creating Issues For Lobster Industry
The strengthening Canadian dollar is pressuring the lobster industry.
In Nova Scotia, the season is currently closed. This means that dealers are selling off live inventory purchased at higher prices.
With the Canadian dollar dropping from $1.35 to $1.25 in late July, this is the equivalent of a seven per cent drop in money returned back to Canada, squeezing margins.
This caused the Canadian Lobster Council to warn that the country’s lobster processors were under pressure.
In New ...