The United States remains Canada's largest export market in 2014, accounting for 63 percent of its total fish and seafood exports, at a value of 3.1 billion Canadian dollars, according to the Ministry of Fisheries and Oceans.
Canada's biggest seafood export increase overall was to the European Union with a 24 percent increase, or 89 million dollars in export growth, the ministry said in a press release.
Thanks to the entry into force of Canada's Comprehensive Economic and Trade Agreement (CETA) with the EU, 96 percent of EU tariffs on Canada's fish and seafood products will be immediately eliminated, and the remaining 4 percent will be eliminated within seven years.
The ministry said trade with South Korea is also expected to increase as a result of the Canada-Korea Free Trade Agreement which came into force on Jan. 1, 2015.
Canada's largest exports by species were lobster, snow/queen crab, shrimp and farmed Atlantic salmon. In 2014, these species represented 63 percent or 3.1 billion dollars of the total value of exports and 46 percent or 262,000 tons of the total volume of fish and seafood exports. Lobster remained Canada's top export species in terms of value, with 1.5 billion dollars of exports in 2014.
Following the U.S., China and the European Union were significant markets, importing almost 508 million dollars and 459 million dollars worth of Canadian fish and seafood products, respectively last year.
By Ruchi Singh
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