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Weak $US causing problems for fish farms
CANADA - More than 80 per cent of Canada's farmed salmon is exported to the United States so the weakening $US dollar "is of course challenging for the Canadian aquaculture industry," says Ruth Salmon, executive director of the Canadian Aquaculture Industry Alliance.Ms Salmon noted a 2005 Statistics Canada study indicating that a one-cent change in the relative value of US and Canadian currencies costs (or gains) the Canadian farm salmon industry $5.5 million.
Salmon said the rising Canadian dollar has been accompanied by "very strong market demand" in the US, which is helping to buffer the impact.
"Also, for companies that can buy their raw materials (such as feed) in the US -- this helps to offset the impact."
Some companies are also looking to expand their sales domestically -- and perhaps cultivate new markets in Europe -- to help counterbalance some of the effects.
Salmon said government could ease some of the impacts by providing the industry greater access to production sites, and enacting regulatory reform to allow diversification.
Source: TheVancouverSun
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