Weak loonie is good for some exporters on P.E.I., bad for Islanders travelling south of the border [Video]

The weakening Canadian dollar may send shivers through snowbirds heading south this winter, but it’s good news for some exporters on P.E.I. and others who benefit from a stronger U.S. dollar.

The Canadian dollar is currently worth just 70 cents U.S., down from 75 cents in September. Many economists expect the downward trend to continue, meaning it will take more Canadian dollars to buy the same American item or service.

Tuna exporter Jason Tompkins said that’s made a strong season even stronger because most of P.E.I.’s tuna is sold to foreign markets in U.S. dollars. 

“My job as a tuna exporter and marketer is to take care of Canadian boats. So a low Canadian dollar, which means higher returns to our fishermen, is OK for us,” he said. 

The local tourism industry also sees a weak loonie as possibly positive because it makes a trip to P.E.I. an attractive bargain …