Atlantic Canada’s fish industry is beginning 2017 with an improvement for the bottom line because of lower duties on seafood entering the blasting China market.
The Jan. 1, 2017, tax cuts reported just before New Year’s Day by China’s ministry of commerce will profit about a fourth of Canada’s fish exports to China. The exports to China were esteemed at $634 million as of October 2016.
Taxes on these items will be diminished all things considered from 11 to 5%, leaving more cash in the pockets of fish companies in 2017.
The tax on northern shrimp, Pandalus Borealis, is additionally being lessened from 5% to 2%.
Nova Scotia sends out more seafood than some other region. It had as of now traded $218 million worth to China, putting it on track for another record year, as of October 2016,
The duty cut is all the more uplifting news for a light area of the economy for the provincial government.
“We’ve seen significant annual export growth since putting an emphasis on marketing to Asia. China is looking for high-quality products and Nova Scotia is looking forward to continuing to provide that,” said Krista Higdon, a spokeswoman for the Nova Scotia Department of Fisheries and Aquaculture.
The Chinese hunger for Nova Scotia fish is being felt over the region, from direct interest in preparing offices to another $5 million cargo pad at Stanfield International Airport to oblige the new freight planes flying lobster by the tonne out of Halifax.
Fish companies have their eye on possibly more imperative levy cuts in another part of the world which is Europe.
The proposed EU-Canada free trade deal would for all time dispose of all duties on fish going into Europe which, for Nova Scotia, remains a greater market than China.
Upon approval, the Comprehensive Economic and Trade Agreement (CETA) would instantly take out levies on the accompanying: Live lobster, which now sits at 8%, Live and frozen scallops, additionally 8%, frozen shrimp right now 12%, Salt cod now 13%, Frozen and fresh crab now 7.5%, Under CETA, all fish levies would be eliminated in seven years.