Canadians love American lobsters, eh? Exports to the north soar
PORTLAND, Maine (AP) - Trade hostility from across the ocean was supposed to take a snip out of the U.S. lobster business, but the industry is getting a lifeline from its northerly neighbor.
Heavy demand from Canada is buoying the American lobster industry as both countries head into the busy holiday export season. It's a positive sign for the U.S. seafood dealers and fishermen even as the industry struggles with Chinese tariffs.
China has emerged as a major consumer of American lobster in recent years, but the country slapped heavy tariffs on American lobster exports in July. Industry watchers forecast the move as a potential calamity for U.S. seafood, but Canada has boosted the value of its lobster imports from America by more than a third so far this year.
Prices have also been fairly strong.