The Provincial Department of Fisheries and Aquaculture has compiled estimates on the total annual value of the province�s fishing industry for 2008. It is estimated that production value for 2008 will be on par with 2007 and is again expected exceed $1 billion for the year.

"Our government is extremely pleased to see such positive performance in our province�s fishing industry," said the Honourable Tom Hedderson, Minister of Fisheries and Aquaculture. "The Williams Administration has been very proactive in doing what is necessary to grow our fishing and aquaculture industries through the Fishing Industry Renewal Strategy and aquaculture investment attraction programs. We are pleased to see that these efforts continue to pay off."

The landed value of seafood is forecast to increase by 12.8 per cent for 2008 to approximately $540 million, while there will also be a slight increase in landed volumes. The landings of snow crab are estimated to have increased for the year and the price of the product rebounded from previously low levels. Landed value is estimated to have increased significantly due to increased prices for certain species such as inshore northern and gulf shrimp, and capelin. Some areas of the fishery such as groundfish should see a significant increase for the year due to increases in the catch of yellowtail flounder. However, such increases will be tempered by lower catches in other fisheries such as the mackerel fishery.

The total number of employees in the provincial fishing industry from January to November 2008 is estimated to have been approximately 23,200, down by more than four per cent from 2007. Processing sector employment is down slightly for the year compared with 2007 levels. Labour force survey data suggests that from January to November 2008, average monthly employment in the seafood processing sector decreased by five per cent from the previous year from 6,100 workers to 5,800. Year to date average monthly employment in fish harvesting was down by 13 per cent from 2007 from 7,600 to 6,600, according to labour force surveys. A positive performance in other industries and a healthy economy in Alberta have contributed to labour shortages in certain sectors of the fishery.

Shellfish landings for 2008 are forecast to total 197,000 tonnes. Shellfish experienced a substantial increase in landings because of increases in some key areas including inshore northern shrimp, snow crab and lobster. The shrimp industry of the province (specifically the inshore northern shrimp industry) has been a large contributor to the total shellfish landings. In 2008, the inshore northern shrimp fishery saw its quota increase significantly by approximately 9,000 tonnes. Landings for this fishery have increased by over 19 per cent from 64,514 tonnes in 2007 to 77,000 tonnes in 2008.

Snow crab landings are estimated to have increased five per cent in 2008 from 51,165 tonnes to approximately 52,750 tonnes. This was due to both increased catch rates as well as increased quotas. Crab prices have rebounded from the lows registered in 2006 and were relatively stable for 2008 with an average price paid to harvesters of approximately $1.50 per pound. This help to offset declines with other species such as lobster.

Groundfish landings in 2008 are forecast to have increased significantly from 2007 with an increase of over 23 per cent from 40,505 to 50,000 tonnes. Increased groundfish landings are due mostly to the increased landings of yellowtail flounder. This increase is due to continuous fishing as well as Ocean Choice International fishing their quota for the year. The value of groundfish for 2008 is estimated to be $82 million. This is a substantial increase from $54.5 million in 2007.

Pelagic landings are estimated to have decreased by 15 per cent from 2007. This is mostly attributed to lower landings for mackerel because of the availability of fish in the 4R area in the gulf. The value of pelagics is estimated to be worth approximately $26 million for the year. This is a decrease of 13 per cent from 2007.

Seal landings were on par with the previous year. However, landed value dropped by approximately 40 per cent. This is due in large part to lower pelt prices. The price of seal pelts declined from over $50 per pelt in 2007 to $32 in 2008.

Despite higher value for seafood products, external competition from lower cost producers and high fuel costs continued to challenge the industry. The ailing American economy has deflated consumer demand for seafood and high fuel pries have caused profit margins to shrink. As well, there is uncertainly over exchange rates, market demand and access to capital for the future.

There were positive developments in 2008 that bode well for the future including Marine Stewardship Council certification of northern trawl shrimp. There were also expanded marketing and diversification efforts by industry and government in China, Russia and the European Union. These efforts are providing for a significant reduction in the dependence of our provincial fishing industry on United States seafood markets.

"Overall, our provincial fishery performed well in 2008," said Minister Hedderson. "However, we continue to be aware of issues such as competition from low-cost producers and the global financial crisis. Our government will continue to monitor the global economy and work with industry to address the challenges ahead."