Lobster exports to China surge 33 times
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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, 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.
Questions & Answers
Q.What factors are driving the significant increase in Vietnam's lobster exports to China?
What factors are driving the significant increase in Vietnam's lobster exports to China?
Lower prices and stronger trade ties between the two nations are key contributors. Easing of seafood import regulations, bilateral agreements, and trade liberalisation rules under RCEP have also facilitated this growth.
Q.How much did China's total lobster imports grow year-on-year in the January-September period?
How much did China's total lobster imports grow year-on-year in the January-September period?
China’s overall lobster imports increased by 40.86% year-on-year to $558.24 million in the January-September period. During this time, import prices for lobster also decreased by 23%.
Q.Why are imports from Vietnam considered cheaper compared to other lobster-exporting countries?
Why are imports from Vietnam considered cheaper compared to other lobster-exporting countries?
Import costs from Vietnam are significantly lower than from other countries. This is attributed to differentials in labour and shipping expenses, making Vietnamese lobsters more competitive.
Q.Which country is expected to resume lobster exports to China soon, potentially impacting the market?
Which country is expected to resume lobster exports to China soon, potentially impacting the market?
China is set to restart importing Australian lobsters by the end of the year, following an agreement between Beijing and Canberra. Australia accounted for over half of China's lobster imports in 2019.
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