December 21, 2014 — Prince Edward Island’s lobster fishery has a bright future, predicts Egmont MP and Minister of Fisheries and Oceans Gail Shea.
She bases her optimism on the way the industry has responded to the 2008-09 recession and slumping lobster prices, seeking out markets around the globe. Fall lobster prices in 2014 were a buck a pound higher that the previous year.
“In the lobster industry, of course, the prices are set by supply and demand. The supply has been increasing, so it’s obvious we needed the demand to increase at a faster pace in order to keep the prices climbing,” she said. “So that’s what’s happening.”
She said trade agreements Canada has signed with Korea and the European Union will open up even more markets and help keep the price climbing.
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