Fishing industry of Iceland, 1972
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Fishing industry of Iceland, 1972

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    In 1972, Iceland's fish catch was 739,000 metric tons, the highest since 1967* However, low-value capelin accounted for most of the increase whereas landings of the more important high-value cod were again down to 1968 levels. The value of exports was $l4l million, a new high. The United States took 40 percent, primarily frozen cod fillets and blocks. The 9 members of the European Economic Community (EC) took 25 percent. During the latter part of 1972, delivery began of the 34 new stern trawlers ordered from foreign yards. Modernization of plants continued as processors sought to improve plant operation. On September 1, 1972, Iceland extended its fishery limits to 50 nautical miles. Efforts to reach an understanding with the two major foreign fleets, the United Kingdom (U.K.) and West German, on fishing inside the new limits failed, and the matter has been strongly contested. The dispute has held up implementation of a trade agreement reached between Iceland and the EC. The outlook for 1973 is good. Mainland processing plants have absorbed a large part of supplies normally taken by the Heimaey Island plants closed by volcanic action, and the Westmann Island fleet is fishing out of other ports. Capelin landings were up sharply in early 1973- Cod landings were down during the first 3 months but may improve as the new trawlers are added to the fleet. Exports should continue strong as world prices remain high, especially for cod products.
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