News from Intrafish on February 10, the Icelandic aquaculture industry has become increasingly important to the country’s economy. Its value has increased four times in the past five years, accounting for 10%of seafood exports.
Seafood is very important to Iceland’s economy, and it is the second largest export commodity after aluminum. In 2020, the export value of Icelandic seafood (including aquaculture) is 299 billion Iceland Krona, or about 224.6 million U.S. dollars. Among them, the export value of cultured seafood is 29.1 billion Iceland Krona, accounting for 9.7%.
Icelandic economist Jon Bjarki Bentsson said that the economic value created by the Icelandic aquaculture industry can basically make up for the losses of traditional aquatic product export industries that have been affected by the epidemic.
In recent years, the Icelandic aquaculture industry has developed strongly. The value of the industry has grown from 7 billion Iceland Krona (approximately USD 54 million) five years ago to 29 billion Iceland Krona (approximately USD 223.8 million) today. Quadrupled.
Jon Bjarki Bentsson said that in 2019, we saw a substantial growth in the aquaculture industry. Last year, there was also a healthy growth. This year, the growth will be stronger and the aquaculture industry is becoming more and more important in Iceland. Seafood accounts for about 25%of Iceland’s total exports. Due to the sharp contraction of tourism in recent years, this proportion rose sharply last year.
The macroeconomic impact of the aquaculture industry has been felt in coastal communities, where employment has been on a downward trend. Today, the aquaculture industry has brought employment opportunities for direct and indirect jobs.