China spent US$205.87 million 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 US$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 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 came from Australia.
