According to a VNA reporter in Hong Kong (China), after a sharp decrease last year, the amount of Chinese lobster imported from Vietnam has returned to a high level.

Lobster farming in Phu Yen province. Photo: Trong Dat/VNA

Chinese media reported on October 22 that in the first 9 months of this year, the amount of lobster China imported from Vietnam increased 33 times compared to the same period last year. The reason for this fluctuation comes from low lobster prices and closer trade links between Vietnam and China.

Specifically, the General Administration of Customs of China said that the total amount of lobster imported from Vietnam in the first 9 months of the year reached 205.87 million USD, an increase of 3,285% over the same period last year. In September alone, the amount of lobster imported from Vietnam increased by 133.9% compared to August and increased by 2,336% compared to the same period last year.

China's total lobster imports from all markets rose 40.86 percent year-on-year to $558.24 million in the same period, while import prices fell 23 percent. Analysts said the surge means Chinese consumers still have a appetite for premium foods, despite a general reluctance to spend, adding that Vietnam's import costs are relatively low due to differences in labor and transportation. In particular, shipping costs from Vietnam to China are low compared to lobster exporters further afield such as Australia and Canada. In addition, Jack Nguyen, CEO of professional services firm InCorp, said the crustaceans can be shipped fresh within a day, making them a popular choice in China.

According to the Vietnam Association of Seafood Exporters and Producers, Vietnamese lobsters returned to the Chinese market last year after a period of interruption. Phung Thi Kim Thu, a shrimp market expert at the association, said that China had basically relaxed its seafood import regulations after the COVID-19 pandemic subsided. Subsequent bilateral agreements, along with the trade liberalization rules of the Regional Comprehensive Economic Partnership (RCEP), have facilitated the expansion of lobster exports. In another development, China is also preparing to restart imports of Australian lobsters. At the recent ASEAN regional forum in Laos, Beijing and Canberra agreed to lift a nearly four-year moratorium on lobster shipments by the end of this year. In 2019, more than half of China's lobster imports came from Australia.

Source: Kinh Te Nong Thon Newspaper