'Our lobsters are gold plated now': Atlantic Canada lobster exports, prices soar
BNN Bloomberg
Canadian lobster exports reached a staggering $3.26 billion last year, beating the previous record of $2.59 billion, set in 2019, by more than 25 per cent.
But locals and tourists alike could have to shell out more for the crustaceans as prices reach historic highs.
"Our lobsters are gold-plated now. Prices have been the highest in commercial history," says Stewart Lamont, managing director of Tangier Lobster Co. Ltd, a live lobster exporter on Nova Scotia's eastern shore.
When the pandemic hit, export and restaurant industry demand plummeted. The shore price of lobster — the amount fishers get at the wharf from buyers — sunk as low as $4 dollars a pound.
"There was an initial glut of lobsters on the market at the start of the lockdown but then it spun back the other way," says Colin Sproul, president of the Bay of Fundy Inshore Fishermen's Association.
Sales of live and processed lobster rebounded following the first wave of COVID-19.
Prices started to go up with demand and have continued climbing since.
