Economic value of PEI seafood industry exceeds $1 billion
The seafood industry has an economic contribution of $938 million to the Island’s economy and a further $262 million in other provinces for a combined economic impact of $1.2 billion, according to a study by Ernst and Young.
The PEI Seafood Sector Economic Contribution Study was prepared for the PEI Marine Science Organization and closely examines the direct and indirect impacts of the various sectors within the seafood industry.
“This study makes clear the importance of the seafood industry, not just to seaside communities but to our entire province. There is a great deal of diversity in our seafood industry and participants have both challenges and opportunities. Whether we are looking at the lobster fishery, aquaculture or value-added processing, the industry creates economic activity and provides employment in communities right across the Island.”
- Fisheries and Communities Minister Jamie Fox
As October marks National Seafood Month, we celebrate the industry and the importance of fishery to the communities of Prince Edward Island. This study provides the background to help address challenges and identify opportunities for the industry to reach its full potential and see even greater success in the years to come.
“The seafood industry welcomes this valuable information about an important industry that creates thousands of jobs and generates millions of dollars each year in this province,” said Jerry Gavin, executive director, Seafood Processors Association of PEI. “Seafood processors will continue to work with all industry stakeholders to ensure the resource is sustained and continues to provide economic benefits to all Islanders, especially those in our rural communities.”
Department of Fisheries and Communities
The PEI seafood sector, which is comprised of aquaculture, commercial fisheries and processing plants, contributes $495 million and $377 million in GDP to the national and provincial economies respectively.
- In 2019, nearly 45 million pounds were produced;
- 77 per cent of aquaculture production in PEI comes from mussel activity.
- In 2019, over 10 million pounds were produced;
- PEI contributed 31.7 per cent of the total national economic value from oysters.
- In 2019, over 42 million pounds were harvested;
- 72 per cent of exports are bound for the United States.