c

For Immediate release: May 22, 2015

The Prince Edward Island Fishermen’s Association (PEIFA) is concerned and is seeking answers on the current price gap between Spring lobster prices paid on Prince Edward Island and prices paid in other provinces.

Recent price data shows the following:

Shore Price:

 PEI - $4.25 canners to 4.75 markets

 Nova Scotia - $5.00 canners to 5.50 markets

 Bay of Fundy NB - $6.25 markets

*Magdalen Islands – $5.50 markets

*Newfoundland - $5.30 markets

*Mandatory price setting processes are in place in the Magdalen Islands and Newfoundland.

Although the majority of PEI lobster goes to the Processing sector in PEI and New Brunswick, the demand for all lobster products has been strong for the past number of months. In addition, lobster inventories of processed product have also been lower than in previous years.

 

 

Much of this increased demand has been attributed to significant growth in exports to Asian countries seeking North American lobster products.

It is estimated that 20% of the PEI catch does go to the live sector market. The PEIFA continues to advocate for more live lobster storage on PEI so that more live market opportunities can be pursued.

The PEIFA is also seeking an industry response as to why snow crab prices are uniform throughout the provinces that participate in the snow crab fishery but uniform pricing does not exist in the lobster sector.

For more information contact:

PEIFA President - Craig Avery (902) 388-7988

Or

PEIFA Executive Director - Ian MacPherson (902) 566-4050

 

                                                END