Outlook for Commercial Fisheries

• The total allowable catch (TAC) for snow crab in Alaska has been set at 40 322 tonnes for the 2012 season, up 64% over 2011. However, given that fishing was suspended in early February due to the significant presence of ice, there is still some uncertainty as to whether fishers will succeed in catching the entire TAC. In the last decade, landings from Alaska have represented about 15% of North American landings and 8% of worldwide supply. For shrimp, Greenland's NAFO quota has been reduced by 38% for 2012.
• With regards to the lobster fishery in Nova Scotia, some fish harvesters received up to $6.00/lb at the end of March, while the current price is $5.00/lb (Seafood.com News, 26/04/2012). In Quebec, lobster fishers in Gaspesie expect prices to be in the order of $5.00-5.50/lb for the beginning of the season, compared to $4.50 /lb in 2011 (Le Soleil, 28/04/2012).
• Current wholesale prices for lobster, shrimp and Atlantic cod on the American market are up in relation to the same period last year (10%, 29% and 3% respectively). For snow crab, prices in January-March are 5% lower than in 2011.

^*: Prices only available until March 2012.

• According to forecasts by the U.S. Energy Information Administration (EIA), the price per barrel of West Texas Intermediate (WTI) crude oil is expected to reach US$105.72 in 2012, an increase of 11% in comparison to 2011. Fuel is a significant expense for Canadian fishers and in the next season could represent about 28% of the operating costs for shrimp, 21% for cod, 12% for lobster and 9% for snow crab ^{Footnote 6} .
• According to the FAO and OECD, world prices for fishery and aquaculture products should continue to rise in the coming years. This trend is explained by the progression in revenues and demographic growth, the stagnation of production in the fisheries sector, the increased costs of animal feed, the weakening of the American dollar and the increase in prices for crude oil ^{Footnote 7}.