Vietnam’s lobster export to the Chinese market in January-September rose 33 folds year-on-year on the back of lower prices and stronger trade ties between the two nations, the South China Morning Post said on October 22.
Vietnam’s lobsters have clawed their way back onto Chinese menus after a suspension. (Photo: VNA)
Hong Kong (VNA) – Vietnam’s lobster export to the Chinese market in January-September rose 33 folds year-on-year on the back of lower prices and stronger trade ties between the two nations, the South China Morning Post said on October 22.
China spent 205.87 million USD on Vietnamese lobsters during the nine-month span, soaring 3,285% as compared to the same time last year, the daily quoted statistics from the General Administration of Customs of China. In September alone, lobster imports from Vietnam surged 133.9% against August and 2,336% on a year-on-year basis.
The country’s overall lobster imports increased by 40.86% year-on-year to 558.24 million USD in the same period, while import prices decreased by 23%.
Analysts said the spike means Chinese consumers still have a craving for high-end foods despite hesitancy in overall spending, adding import costs from Vietnam are significantly lower than from other countries due to differentials in labour and shipping.
According to Phung Thi Kim Thu, an expert from the Vietnam Association of Seafood Exporters and Producers, China’s easing of seafood import regulations, together with the signed bilateral agreements and the trade liberalisation rules under the Regional Comprehensive Economic Partnership (RCEP), have facilitated Vietnam’s expansion of lobster export.
China is also set to restart the import of Australian lobsters. During the recent ASEAN Summits in Laos, Beijing and Canberra agreed to lift a nearly four-year moratorium on lobster shipments by the end of the year.
In 2019, the🌄 last full year with data recorded, over half of China’s lobster imports ca♐me from Australia./.
Cam Ranh city in the south-central province of Khanh Hoa will hold the first-ever lobster festival from August 3-11, heard a press conference held in the locality on July 28.
Lobster exports reeled in nearly 30 million USD in January and February, an over 18-fold increase compared to the same period last year, the Vietnam Association of Seafood Exporters and Producers (VASEP) has reported.
Since China’s reopening on January 8, the export of Vietnamese lobster to this market has increased, but the purchase price of the seafood delicacy has been variable at best, putting farmers at risk of loosing money.
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