Tag Archives: Canada’s seafood industry

Atlantic Canada’s seafood industry gets a boost as China lowers tariffs

Atlantic Canada’s seafood industry is starting 2017 with a boost for the bottom line thanks to lower tariffs on seafood entering the booming China market. The Jan. 1, 2017, tariff cuts announced just before New Year’s Day by China’s ministry of commerce will benefit about a quarter of Canada’s seafood exports to China. The exports to China were valued at $634 million as of October 2016. Global Affairs Canada told CBC News crab, frozen halibut and albacore are among the export products most benefiting from the tariff reductions.  Tariffs on these products will be reduced on average from 11 to five per cent, leaving more money in the pockets of seafood companies in 2017. The tariff on northern shrimp — Pandalus borealis — is also being reduced from five per cent to two per cent. Nova Scotia exports more seafood than any other province. As of October 2016, it had already exported $218 million worth to China, putting it on track for another record year. Read the story here 09:27