Lobster exports up seven-fold in 9 months
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A seven-fold year-on-year increase in lobster exports to China netted revenues of $179 million in the first nine months of the year.
According to the Vietnam Association of Seafood Exporters and Producers (VASEP), China accounted for 90% of Vietnam’s total lobster exports in the first nine months.
VASEP communications director Le Hang said China’s demand for seafood is set to increase with the Lunar New Year festival season coming up.
She said lobsters account for more than 5% of Vietnam’s total seafood exports yearly.
A fall in lobster production after aquaculture areas were affected by recent storms and floods. Retail prices of lobsters currently stand at VND1.3-2 million ($52.4-80.6) per kilogram, up 10% against over October.
Some 90% of lobsters raised in the two central localities of Phu Yen and Nha Trang, the two biggest lobster aquaculture areas in Vietnam, are exported to China via border trade.
Recently, a business in HCMC signed a contract to export 2,000 tons of live lobsters to the Chinese city of Kunming.
Under the agriculture ministry’s plan, Vietnam will raise 3,000 tons of lobsters for an annual export turnover of around $200 million yearly.
According to VASEP, the country earned nearly $3.4 billion from the export of lobsters, prawns, and shrimps in the first nine months, up 23% year-on-year.
Questions & Answers
Q.What percentage of Vietnam's total seafood exports do lobsters typically represent annually?
What percentage of Vietnam's total seafood exports do lobsters typically represent annually?
Lobsters typically account for more than 5% of Vietnam's total seafood exports each year. This figure highlights the importance of lobster to the country's overall seafood trade.
Q.What factors have led to a recent increase in lobster retail prices?
What factors have led to a recent increase in lobster retail prices?
Retail prices for lobsters have increased by 10% compared to October. This rise is attributed to a fall in lobster production after aquaculture areas were impacted by recent storms and floods.
Q.What are Vietnam's annual targets for lobster production and export revenue?
What are Vietnam's annual targets for lobster production and export revenue?
Under the agriculture ministry's plan, Vietnam aims to raise 3,000 tons of lobsters annually. This production is projected to generate an export turnover of around $200 million each year.
Q.Which two central localities are the primary areas for lobster aquaculture in Vietnam?
Which two central localities are the primary areas for lobster aquaculture in Vietnam?
Phu Yen and Nha Trang are identified as the two biggest lobster aquaculture areas in Vietnam. These central localities raise approximately 90% of the lobsters that are exported to China.