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Seafood Import Demand in the Caribbean Region

Author

Listed:
  • Nguyen, Giap V.
  • Jolly, Curtis M.

Abstract

Cointegration analysis and an Error Correction Model are used to estimate aggregate seafood import demand functions for selected Caribbean countries. The results show that seafood import demand is price elastic. Exchange rate has a negative effect on seafood import quantity. Income and tourist arrivals have positive impacts on seafood imports. Seafood import negatively affects domestic fishery production. Tariff and production support policies reduce seafood imports, and enhance domestic production. Both policies increase producer surplus, but a tariff reduces consumer surplus, and a production expansion policy increases consumer surplus. A production expansion subsidy is a more appropriate policy instrument than a tariff for small open economies, like the Caribbean States, to increase domestic production and generate net economic surplus.

Suggested Citation

  • Nguyen, Giap V. & Jolly, Curtis M., 2010. "Seafood Import Demand in the Caribbean Region," 2010 Annual Meeting, February 6-9, 2010, Orlando, Florida 56479, Southern Agricultural Economics Association.
  • Handle: RePEc:ags:saea10:56479
    DOI: 10.22004/ag.econ.56479
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    File URL: http://ageconsearch.umn.edu/record/56479/files/Seafood%20Import%20Demand%20in%20Caribbean%20-%20SAEA.pdf
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    Cited by:

    1. Schuhmann, Peter W. & Mahon, Robin, 2015. "The valuation of marine ecosystem goods and services in the Caribbean: A literature review and framework for future valuation efforts," Ecosystem Services, Elsevier, vol. 11(C), pages 56-66.

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