New Brunswick's seafood and agricultural product
exports will be worth $2 billion or more by 2024.
OVERVIEW
Problem
Over the past ten years the total value of New Brunswick's exports has more than doubled.
Cause
Most of this increase comes from the Seafood Production and Packaging sector, which makes up nearly 70% of the export value in the province, though all sectors have been growing since 2012. These upward trends have put New Brunswick on track to reach the suggested goal of achieving a total domestic export value worth at least $2 billion.
Importance
Fisheries and agriculture are both valuable resources to New Brunswick. They both improve food security, increase wealth, provide employment opportunities, and promote economic growth. In addition, sustainable use of these resources preserves the province’s environment and natural resources.
Recommendation
In 2019, New Brunswick's seafood, crop production, and animal production exports were valued at $1.90 Billion—the highest amount on record. Therefore, to promote further progress, it is recommended that New Brunswick aim to increase its seafood and agricultural export value to at least $2 billion by the year 2024.
According to OneNS, the recent growth in Nova Scotia's seafood exports was driven by increasing lobster prices, rather than volume increases. New Brunswick, on the other hand, relies on higher volumes of agricultural exports and has seen improvements in animal production exports due to volume increases coming from aquaculture, or the farming of fish products, rather than price changes. The value of the province’s crop production exports has remained stagnant.
