An ornate rock lobster bred on a farm in the central province of Phu Yen. Photo by VnExpress/Nguyen Ky
Vietnam’s lobster exports to China rose 33-fold year-on-year to US$205.87 million in January-September on the back of lower prices and stronger trade ties between the two nations.
This marks a 3,285% surge from the same time last year, the South China Morning Post reported Tuesday, citing statistics from the General Administration of Customs of China.
In September alone, lobster imports from Vietnam rose by 133.9% from August and 2,336% year-on-year.
China’s overall lobster imports increased by 40.86% year-on-year to $558.24 million 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 labor 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 liberalization rules under the Regional Comprehensive Economic Partnership (RCEP), has facilitated the growth in Vietnam’s lobster exports.
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 came from Australia.
Comments are closed.