B.C. Seafood Company Grows Exports to One of B.C.’s Largest Export Markets
British Columbia offers a diverse range of investment opportunities in the agrifood and seafood sector and has a fast growing export market. B.C. exported $3.9 billion worth of agrifood and seafood products outside of Canada in 2017. The U.S. is British Columbia’s largest export market, worth more than $2.8 billion in 2017; other important agrifood and seafood export markets are China at $395 million, Japan at $204 million, South Korea at $71 million and Hong Kong at $67 million. Markets for B.C. food products are growing rapidly in Asia each year.
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Pacific Rim Shellfish, located on Granville Island in Vancouver, is a wholesaler and exporter of live shellfish. They export globally to Asia and Europe. Most of their products are sourced in British Columbia within a 100 mile radius of their plant and their facility has live tanks with 20,000 gallons of sea water that can hold live lobsters and crabs. Pacific Rim Shellfish works closely with Trade and Invest British Columbia to leverage their export opportunities in South Korea. The B.C. company attended the 2018 Seoul Food & Hotel Show and participated in the 2017 Busan International Seafood & Fisheries Show. As a result of Pacific Rim Shellfish’s expanded network and in market support from the Trade and Investment Representatives in South Korea, the company expects a continued increase in sales to South Korea for years to come.
South Korea is B.C.’s fourth-largest goods export market and B.C. is the top exporter to South Korea among all Canadian provinces, representing more than half of all Canadian goods exports to South Korea at approximately $2.86 billion in 2017. According to the United Nations Food and Agriculture Organization, South Korea is known to have the world’s largest seafood consumption per capita, with an average of 58kg of seafood consumed per person each year, followed by Norway and Japan.
The Canada Korea Free Trade Agreement (CKFTA), which entered into force in 2015, has resulted in significant gains for British Columbia fish and seafood exporters. B.C.’s exports to South Korea in the sector were more than 50% greater in 2017 than before the CKFTA came into force. In 2019, approximately 87 percent of Canadian products in this sector will enter South Korea duty free. Various seafood items British Columbia exports to South Korea include: sea urchin, pollock and wild sockeye salmon, as well as related value-added products such as marinated fish roe and jerky.
The Government of British Columbia provides financial support and development programs for businesses within the agrifood and seafood sector. To enhance the capacity of B.C.’s businesses to expand domestic and international markets, the B.C. government delivers a continuum of market development programs and services to assist primary producers, processors, exporters and associations across B.C. To learn more, visit our website or connect with us on LinkedIn and Twitter. Alternatively, contact one of our contact our International Trade and Investment Representatives to learn more about export opportunities.