August 2, 2022

Ag Economy

Aquatic/Fishing Industry Snapshot

Lobster

  • The lobster industry continues to see good catch volume and high prices. 
  • Although 2022 earnings remain strong, the ongoing concern regarding the endangered Northern Right Whale continues to concern the industry. Lobstermen are having to modify their gear and deal with area closures. 

Scallops

  • Scallop pricing remains high. Some pressure from imports on smaller sizes has been noted. Fishing allocations for the 2022-23 season have come in with reduced catch limits, although this was expected.  

Groundfish

  • Pricing for most species remains high. Landings have generally been slightly below-average, but this has been made up for by higher prices. Permits and landing quotas continue to restrict profits and growth. Embargoes and shipping constraints have limited imports from Russia, which has supported U.S. seafood prices.

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