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Exchange Rate and Icelandic Banks Collapse hit industry.
As if the global recession in itself was not enough, the collapse of Sterling against the US Dollar (with which most Tropical Seafoods are bought) has brought higher prices to the market. With a 12 months high of over $2 to the pound, tropical Seafoods, which are predominately bought in Dollars, has seen a 25%+ devaluation on exchange rate; increasing prices significantly. Sterling has faired little better against the Euro or Norwegian Kronar pushing other seafood items, up in price.
The collapse/nationlization of the Icelandic Banks has also hit the Seafood Industry both directly and indirectly because these same banks have major stakes in a number of worldwide Seafood Businesses.