The economy has been declining, however, because the number of ships stopping at Saint Pierre has dropped steadily over the years. In March 1989, an agreement between France and Canada set fish quotas for Saint Pierre's trawlers fishing in Canadian and Canadian-claimed waters for three years. The agreement settles a longstanding dispute that had virtually brought fish exports to a halt. The islands are heavily subsidized by France.
Imports come primarily from Canada and France.
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