According to government statistics, B.C. is Canada’s third largest exporter of fish and seafood and its agriculture and seafood exports have climbed for the fifth straight year to almost $3.0 billion.
In an
article outlining this increasing trend in the Vancouver Sun, industry leaders were quoted as attributing this growing trend to ‘B.C.’s commitment to promoting products through government-led trade missions and a network of 13 permanent trade offices across Asia for opening the door for B.C. exports.’
The article went on to note an example of this trend stating that the value of a B.C. crab destined for the U.S., China and Hong Kong has risen more than 12% in 2014, after climbing 26% in 2012 and 25% in 2013.
This is good news for companies operating within this lucrative sector such as Gourmet Ocean Products (
TSX: V.GOP,
Stock Forum) which provides high-quality marine delicacies like sea cucumbers, scallops, oyster and goeduck with distribution to customers primarily in Asia and Canada.
After posting quarterly revenues of $1.8 million at the end of December 2014, the Vancouver-based company announced that it was
evaluating operations expansion opportunities in eastern Russia back in the middle of March. Management announced the due diligence was launched as eastern Russian, due to its proximity, seemed like a natural and cost-effective extension to the company’s activities in China.
Statistics provider, Packaged Facts, anticipates that the retail market for fish and seafood in the U.S. alone will increase to $17.1 billion by 2017, giving companies like Gourmet Ocean Products, ample opportunity to cash in on a continuing uptick in demand and pricing.
Currently there are 125.1m outstanding shares with a market cap of $18.1 million.
FULL DISCLOSURE: Gourmet Ocean Products is a Stockhouse Publishing client.