Seafood to Keep Nova Scotia Exports Growing
Nova Scotia's agri-food exports are projected to see a third year of double-digit growth in 2015, according to Export Development Canada (EDC).
Solid recovery in the US, higher live lobster prices and increased diversification of sales to emerging markets will power the sector to 22 per cent growth this year.
"Economic recovery in the US means consumers are dining out more and buying pricier menu items," says Peter Hall, chief economist of EDC. "Nova Scotia live lobster is a hot commodity, especially for big cities in the US Northeast."
The strength in the agri-food sector, combined with increased investment in the auto sector, will help drive the province's total export growth to 7 per cent.
The growing middle class in Asian countries has led to increased demand for seafood, and helped to diversify the province's export destinations. "Seafood exports outside of the US 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.
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