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Value Adds UpManufacturing is the process of adding value through processing, fabrication, assembly and/or packaging. As the following stats show, the transformation from raw material to packaged product comes with real economic benefits.
10,600Person years of
employment created by 450 manufacturing
firms in Newfoundland and Labrador,
2011. Impressive as this is, it still
represents a serious decline from 16,000 in
2002, as fishery restructuring and
the closure of newsprint mills reduced labour
demands.
Source: Statistical profile of NL manufacturing sector, March 2012
Top five world market destinations forNewfoundland and Labrador seafood products
Representing 81.6 per cent of the province’s seafood exports
$998 Total manufacturing GDP in Newfoundland and Labrador for 2011million
Source: Seafood industry in review, 2013
Source: Seafood industry in review, 2013
Salmonids (Atlantic salmon, steelhead trout, Arctic char)
Shellfish (Blue mussels) 79.9%92%
8%$197 Total market value of
aquaculture, 2013million
GDP by sector, 2011 (millions)
Seafood processing $317.2
Other food and beverage $177.2
Building products $80.5
Wood products/lumber $18.7
Other building products $61.7
Paper and petroleum $181.5
Paper $43.0
Petroleum $138.5
Metal manufacturing $68.1
Ship and boat building $27.1
Other manufacturing $57.6
39.9%United States 20.1%
China
6.3%United
Kingdom
5.9%Russia
4.7%Vietnam
Downturn? What downturn?Back in 1992, Newfoundland and Labrador’s total provincial GDP was $8.2 billion – $747 million of which came from agriculture, forestry, fishing, trapping and manufacturing. Just over 20 years later, those sectors have decreased as a percentage of GDP contribution, but they’ve actually increased in dollar value by 86%.
What a catch!Though market prices for many species declined in 2013, the value of total production (capture fisheries and aquaculture) increased by 8 per cent over 2012. In other words, prices were down but yields were up.
Source: The Economy 1994; Economics and Statistics Branch (Newfoundland & Labrador Statistics Agency), April 29, 2014
Then vs. nowAgriculture, forestry, fishing, trapping and manufacturing
Percentage of GDP
9.1% > 5%Dollar value
$747 < $1.39million billion
Shellfish (snow crab, shrimp, lobster, whelk, other)
Groundfish (turbot,, flounder, cod, redfish, hake, other)
Pelagics (herring, capelin, mackerel, other)
Seals
79.9%
16.3%
3.3%
0.3%
$579 Landed value of capturefisheries, 2013million
$1.1 Value of Newfoundland and Labrador’s total seafood production in 2013
billion
Though mining and oil extraction have eclipsed logging, forestry, fishing and manufacturing as Newfoundlandand Labrador’s biggest GDP contributors, those traditional industrial stalwarts are still prominent economic drivers.
They’re herestill
1992 20131992 2013
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S P E C I A L R E P O R T
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September/October 2014 atlanticbusinessmagazine.com 81
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Value Adds UpManufacturing is the process of adding value through processing, fabrication, assembly and/or packaging. As the following stats show, the transformation from raw material to packaged product comes with real economic benefits.
10,600Person years of
employment created by 450 manufacturing
firms in Newfoundland and Labrador,
2011. Impressive as this is, it still
represents a serious decline from 16,000 in
2002, as fishery restructuring and
the closure of newsprint mills reduced labour
demands.
Source: Statistical profile of NL manufacturing sector, March 2012
Top five world market destinations forNewfoundland and Labrador seafood products
Representing 81.6 per cent of the province’s seafood exports
$998 Total manufacturing GDP in Newfoundland and Labrador for 2011million
Source: Seafood industry in review, 2013
Source: Seafood industry in review, 2013
Salmonids (Atlantic salmon, steelhead trout, Arctic char)
Shellfish (Blue mussels) 79.9%92%
8%$197 Total market value of
aquaculture, 2013million
GDP by sector, 2011 (millions)
Seafood processing $317.2
Other food and beverage $177.2
Building products $80.5
Wood products/lumber $18.7
Other building products $61.7
Paper and petroleum $181.5
Paper $43.0
Petroleum $138.5
Metal manufacturing $68.1
Ship and boat building $27.1
Other manufacturing $57.6
39.9%United States 20.1%
China
6.3%United
Kingdom
5.9%Russia
4.7%Vietnam
Downturn? What downturn?Back in 1992, Newfoundland and Labrador’s total provincial GDP was $8.2 billion – $747 million of which came from agriculture, forestry, fishing, trapping and manufacturing. Just over 20 years later, those sectors have decreased as a percentage of GDP contribution, but they’ve actually increased in dollar value by 86%.
What a catch!Though market prices for many species declined in 2013, the value of total production (capture fisheries and aquaculture) increased by 8 per cent over 2012. In other words, prices were down but yields were up.
Source: The Economy 1994; Economics and Statistics Branch (Newfoundland & Labrador Statistics Agency), April 29, 2014
Then vs. nowAgriculture, forestry, fishing, trapping and manufacturing
Percentage of GDP
9.1% > 5%Dollar value
$747 < $1.39million billion
Shellfish (snow crab, shrimp, lobster, whelk, other)
Groundfish (turbot,, flounder, cod, redfish, hake, other)
Pelagics (herring, capelin, mackerel, other)
Seals
$579 Landed value of capturefisheries, 2013million
$1.1 Value of Newfoundland and Labrador’s total seafood production in 2013
billion
Though mining and oil extraction have eclipsed logging, forestry, fishing and manufacturing as Newfoundlandand Labrador’s biggest GDP contributors, those traditional industrial stalwarts are still prominent economic drivers.
They’re herestill
1992 20131992 2013
S P E C I A L R E P O R T
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