Aquaculture businesses still feel COVID-19 impact: survey
Liza MayerCovid-19 Updates News Business Management
Social distancing measures and restaurant closures implemented to flatten the epidemic curve continued to impact aquaculture businesses in the United States in the second quarter of the year.
According to the latest survey jointly conducted by Virginia Tech and The Ohio State University Extension, 78 percent of 158 players in the aquaculture, aquaponics and allied industries surveyed reported having been impacted by the coronavirus disease pandemic in Q2 2020.
Other key findings are:
- 43% had had private orders/contracts cancelled
- 27% had terminated employees
- 74% had experienced lost sales
- 9% had no cash available to cover operating expenses
- 22% had less than one month of cash available to cover operating expenses
- 45% would survive three months without external intervention
- 56% indicated that Federal assistance would help their farm or business to survive, and
- 33% indicated that state assistance would help their farm or business to survive
The year-round survey, with quarterly reports scheduled, seeks to determine the prevailing market conditions and the industry’s overall economic sentiment as it struggles with the unforeseen impact of Covid-19 in the months ahead.
Although the total number of respondents for the Q2 survey was lower, many of the responses indicate a similar trend as was observed in the Q1 results, said the authors.
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