Maritime Lobster Prices Soar

East Coast Lobster is a significant export product as well as a highly sought menu item at high priced tourist restaurants here in the Merrytimes.

‘Our lobsters are gold plated now:’ Atlantic Canada lobster exports, prices soar

Brett Bundale 15 hrs ago

Pandemic prices
When the pandemic hit, export and restaurant industry demand plummeted. The shore price of lobster — the amount fishers get at the wharf from buyers — sunk as low as $4 dollars a pound.

“There was an initial glut of lobsters on the market at the start of the lockdown but then it spun back the other way,” says Colin Sproul, president of the Bay of Fundy Inshore Fishermen’s Association.

Canadian lobster exports reached a staggering $3.26 billion last year, beating the previous record of $2.59 billion, set in 2019, by more than 25 per cent.

“Americans bought lobster during the pandemic like they never did before and that drove up demand and price,” says Geoff Irvine, executive director of the Lobster Council of Canada.