“Now is no time to think of what you do not have. Think of what you can do with what there is.”
This quote from Ernest Hemingway’s classic book, The Old Man and the Sea, embodies a spirit of resilience that should inspire Canadian seafood producers. , Stuart Bergman, EDC’s vice-president and chief economist, reveals opportunities to grow seafood exports, despite the challenges posed by tariffs and trade uncertainty from the U.S. and China.
Bergman shares findings from custom research conducted by EDC's Economics team to investigate trade diversification options for this crucial Canadian export industry. Key insights include:
- Four seafood product categories where Canada holds a comparative advantage over its peers, presenting significant potential for trade diversification
- Insights from data analysis and qualitative interviews with industry experts, which incorporate valuable market insights difficult to capture through data alone
- Three European markets with potential for export growth in live, fresh, chilled lobster—along with three additional countries, showing demand potential for frozen lobster
- Three Indo-Pacific markets with export potential for frozen (snow) crab and processed lobster
- The Middle East market, where sales for prepared/preserved lobster are surging (up almost 70% since 2021)
Bergman also highlights:
- The range of EDC solutions that can help seafood producers with their cash flow needs to explore these new markets;
- How identifies vetted air and ocean freight forwarders for shipping perishables; and
- How our program can help Canadian seafood exporters with resources to establish a global presence.
At one point in Hemingway’s novella, Santiago, the protagonist, mutters, “Luck is a thing that comes in many forms and who can recognize her?” by turning current market challenges into export growth opportunities—by knowing where to fish.
For more on seafood export opportunities, consult this EDC report, .