Trade

Historically, the northeast region has run a trade deficit in edible fishery products because of the large port of entry in New York and the region's proximity to Canadian fishing ports. In 2008, approximately $5.7 billion of fish products were imported in the northeast region, and roughly $970 million was exported. This increased the trade deficit in the region by $221 million (nominal dollars) from 2007. During 2008, Imports increased by $290 million (5.3%) in value from 2007 levels, while export value increased by $68.9 million (7.7%).

Breaking down these totals into specific product groupings based on U.S. Customs Service categories shows which import groups increased in import value, and which declined. Increases in product specific imports during this time period were led by shrimp, with a gain of $125.3 million. This was followed by tilapia ($52.5 million),crab ($39.5 million), Tuna ($39.1 million) Lobster ($31.1 million), squid ($15 million), flatfish ($12.1 million), coastal pelagics ($11.4 million), scallops ($10.5 million) and mussels ($8.6 million). These were partially offset by declines in groundfish ($53.4 million), and swordfish ($2.3 million).

Product specific exports which increased in value between 2007 and 2008 included salmon ($40.1 million), scallops ($13.7 million), coastal pelagics ($12.1 million) and sea urchin ($1.8 million). These were offset by declines in lobster ($17.5 million), monkfish ($3.2 million), squid ($3.2 million) and swordfish ($1.1 million).

Canada has traditionally been the largest trading partner for the New England states. During 2008 imports into New England of selected product groups from Canadian sources increased by 4,600 metric tons (live-weight) from 2007 levels. This was due primarily to increased imports of lobster and salmon. Imports from non-Canadian sources decreased by 22,600 metric tons during the same time period. This resulted in Canadian market share staying the same, or increasing slightly in all market categories. Overall Canadian market share for all categories combined, increased slightly in 2008 (48.3% compared to 42.8%).

In terms of export value, Canada was the region's most important trading partner in 2008, followed by France and Spain. During 2008, six of the top ten nations in export value from the northeast region, belonged to the European Union, and as a block the EU accounted for more export value ($327.2 million) than that of Canada ($288.8 million). Export value to the top ten nations increased by 3.4% in 2008, which was greater than the percentage increase in 2007 (<1%). These top ten countries accounted for 70.5% of the value of all edible fishery product exports and re-exports from the northeast region in 2008.