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Iceland's aquaculture industry is contributing more and more to the country's economy, with its value increasing fourfold in the past five years, accounting for 10 percent of its exports of sea products, Sources reported on February 10.
is important to Iceland's economy and is the second largest exporter after aluminium.
2020, Iceland's exports of sea products (including aquaculture) amounted to 299 billion Icelandic kronor, or about US$224.6 million, of which 29.1 billion Icelandic kronor, or 9.7 per cent, was exported from aquaculture products.
economist Jon Bjarki Bentsson said the economic value created by Iceland's aquaculture industry could largely cover the losses in the traditional aquatic export sector, which has been affected by the outbreak.
In recent years, Iceland's aquaculture industry has gained momentum, with the value of the industry growing fourfold from 7 billion Icelandic kronor ($54 million) five years ago to 29 billion Icelandic kronor ($223.8 million) today.
Jon Bjarki Bentsson said: 'In 2019 we have seen a significant increase in aquaculture, a healthy increase last year, stronger growth this year and an increasingly important aquaculture industry in Iceland.
about 25 per cent of Iceland's total exports, a sharp rise last year as tourism has shrunk sharply in recent years.
impact of the aquaculture industry has been felt in coastal communities, where employment has been on a downward trend and now employment opportunities are being created for both direct and indirect jobs.