Tuesday, November 30, 2010

Lobster Exporters Face Tough Markets

South Shore markets are being flooded with lobster fresh from the sea.

A region stretching from Digby County, along the South Shore to Halifax, is considered to be one the most lucrative fishing grounds in Atlantic Canada.

As hundreds of fishermen haul traps on open water, those on shore are trying to determine a price for their product.

Denny Morrow of the "Nova Scotia Fish Packers" says exporters are doing their best to keep prices high in an unhealthy market.

"The economies of North America and Europe are better than they were two year ago, somewhat better than last year but there are still great difficulties," says Morrow.

Morrow says the bulk of the lobster being caught during this season will be shipped to the United States and Europe where debt is high, employment is low and banking systems are unsound.

Morrow says exporters are increasing sales by diversifying their product lines and expanding markets in Europe and China.

Morrow says he expects lobster to sell for "four and a quarter" per pound this season.

Last year's regional fishery was worth 215 million dollars.