Navigating New Waters: Diversifying Nova Scotia’s Seafood Exports

Reprinted with permission from the Summer 2025 Alliance: The Magazine for the Nova Scotia Seafood Alliance.

Tariffs and market diversification have rarely loomed larger in the public consciousness. International trade wars and eye-watering tariffs have made trade policy a household topic. Diversifying our export markets is an important part of how Nova Scotia seafood exporters are responding, opening doors for growth and resilience in communities across the province.

Why Diversification Matters

In 2024, over half of Nova Scotia’s seafood exports (approximately 52%) went to the United States and 26% to China. The size of these economies and their love of Nova Scotian seafood makes them difficult to replace with new markets. Many Nova Scotian businesses want to continue to support their long-term customers.

Still, being overly dependent on only a few markets leaves businesses exposed to risks. One tariff increase or policy change can leave the industry scrambling. Diversification smooths out these risks, keeping business steady through seasonal ups and downs, finding new opportunities to innovate products and improving profit margins.

With the on-and-off nature of recent tariff threats, some companies may become comfortable again relying on the US market. It is important to see market diversification as a long-term strategy and investment.

Finding New Opportunities

Outside of the US and China, Nova Scotia seafood exporters have worked hard to create success in markets like South Korea, Spain and Vietnam, but there is plenty of room to grow. Europe and the Indo-Pacific region offer a sea of opportunity.

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Expanding internationally may require product development, such as adapting labelling or even developing new value-added products. That process may require investment, but it can lead to new partnerships and make the company more competitive.

How Invest Nova Scotia Can Help

At Invest Nova Scotia, we’re here to help make the jump into new markets as feasible and effective as possible. Here are a few programs and services we offer:

Export Development Program (EDP): Financial assistance to support market entry activities like travel to new markets or hiring expert consultants.

Market Entry Development Program (MEDP): Expert consultants help businesses craft market-entry strategies and initiate them on the ground.

Trade Market Intelligence (TMI): Customized market research and insights to help businesses make informed decisions and find the best market opportunities.

Innovation Rebate Program (IRP): Supports businesses investing in new technology and processes, especially those boosting product value and meeting global sustainability trends.

Trade Missions: Your Gateway to New Markets

A trade mission is an organized international trip designed to help businesses explore and enter new markets. They can provide you with opportunities to meet potential partners, learn about local market trends and cultural nuances and build valuable relationships. Invest Nova Scotia works with partners such as industry associations, the Nova Scotia Department of Fisheries and Aquaculture, Atlantic Canada Opportunities Agency (ACOA), Global Affairs Canada and other provinces to ensure success on these missions. Watch our website and social media to see new trade mission opportunities and find out when registration is happening.

Typical opportunities include:

Seafood Expo Asia (SEA), Singapore – Key market entry point for the Asian seafood market.

Conxemar, Vigo, Spain – Leading European seafood exhibition in Spain.

China Fisheries and Seafood Expo (CFSE), Qingdao, China – Asia’s largest seafood trade event.

Seafood Export Cafés, Europe or Asia – Trade mission with pre-arranged business-to-business meetings.

Seafood Expo North America (SENA), Boston, US – Essential trade show for North American market presence.

Seafood Expo Global (SEG), Barcelona, Spain – One of the world’s largest seafood trade fairs.

Depending on the mission, participating companies can benefit from shared resources, visibility, expert insights, networking events and prearranged business-to-business meetings.

A Real-Life Success: Victoria Co-operative Fisheries Limited (VCF)

Traditionally focused on the United States, VCF anticipated a severe impact on trade from tariff threats. Osborne Burke, General Manager at VCF called them a “wake-up call for Canadian companies”.  

Knowing that diversifying is not a one-year initiative, VCF set out a three-year strategy to renew focus on Southeast Asia and Europe. VCF took advantage of Invest Nova Scotia programs like the Export Development Program and trade missions in Europe and Asia, as well as coordinating with Canadian trade commissioners in-market. VCF also released ready-to-eat retail packs of snow crab to appeal to more consumers.  

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VCF’s initiatives and participation in trade missions have generated millions of dollars in export sales both in Europe and Asia and they are already scheduling sales into the spring of 2026. This success has reduced risk from individual markets, maximizes the value of their finite seafood quotas and provides for additional employment in Nova Scotia.

Let’s Chart Your Course

Diversifying your markets isn’t just a smart strategy—it’s essential to your long-term success. At Invest Nova Scotia, alongside industry and government partners, we're ready to support your export journey.

If you're considering diversifying your markets or want to learn more about how we can help your business thrive globally, please reach out. We’ll help you seize opportunities, all while reminding the world that there’s no seafood like Nova Scotia seafood.