Industry Sector Profile: Fishing

Fishing Industry At a Glance

The fisheries industry in Newfoundland and Labrador has deep historical roots and remains a vital economic and cultural cornerstone of the province. For generations, it relied heavily on the cod fishery, which was central to the livelihoods of many coastal communities. However, the industry faced challenges, including overfishing and stock depletion, leading to a cod moratorium in 1992. In response, the province diversified its fisheries, focusing on species like shrimp, crab, and lobster.

Sustainability & Modernization

Modernization, sustainable practices, and ongoing research efforts have revitalized the sector, providing employment opportunities and sustaining coastal communities. Today, Newfoundland and Labrador’s fisheries industry exports a wide range of high-quality seafood products globally, contributing significantly to the province’s economy and cultural heritage.

EXPORTS

Newfoundland and Labrador’s seafood products continue to find their way to over 40 countries worldwide, with the United States remaining the largest export market, followed by China, the United Kingdom, Denmark, and Japan, collectively representing 91 percent of the province’s seafood exports by value. The most popular exports include shellfish like snow crab, shrimp, and lobster.

SUSTAINABILITY

The fisheries industry has embraced a comprehensive approach to sustainability, recognizing the importance of responsible practices in safeguarding both marine ecosystems for long-term viability. Through meticulous quota management, seasonal and area closures, and innovations in fishing gear, the province strives to prevent overfishing and reduce bycatch, ensuring the health of fish populations and the protection of sensitive spawning areas.

SIGNIFICANCE

Culturally, fishing has deeply influenced the identity and traditions of the communities in Newfoundland and Labrador. Fishing knowledge and practices have been passed from generation to generation, with a strong emphasis on preserving traditional fishing techniques and maintaining a close connection to the sea. Fishing-related activities, such as boat building, net mending, and fish processing, have become ingrained aspects of the local culture

This thriving sector provides employment opportunities to over 17,500 individuals throughout the province, spanning various segments, from aquaculture workers and fish processors to registered fish harvesters.

INDUSTRY SHOWCASE

Golden Shell Fisheries Ltd. operates a seafood processing facility in Leading Tickles, which provides gainful employment to a significant portion of the local population during the summer season. Our dedicated fishermen predominantly catch cod, snow crab, and lobster, and additionally mackerel, herring, squid, and caplin when regulatory conditions permit such activities.