Seafood Import Demand in the Caribbean Region
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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.