Australian lobster imports to resume before the end of the year, 4-year trade ban lifted

Published 2024년 10월 11일

Tridge summary

An agreement has been reached to allow the resumption of Australian rock lobster exports to China, a move welcomed by the Australian Seafood Trade Advisory Group (STAG) as a victory for the local fishing industry. The ban, in place since 2020, had led to a 50% drop in exports, with China being Australia's largest buyer in 2019. The industry has since diversified its markets but has not been able to fully compensate for the loss of the Chinese market. The resumption of negotiations will be facilitated by the agreement, despite ongoing protectionist policies and challenges. The Australian seafood industry's long-term strategy targets exports of 2 billion Australian dollars by 2030.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The agreement is a major positive for the Australian rock lobster fishing and export industry, which has seen exports fall by more than 50% since the ban came into effect in 2020. Veronica Papacosta, CEO of the Australian Seafood Trade Advisory Group (STAG), said: "Today's agreement is a major victory for the Australian seafood industry, hard-working fishermen, the coastal communities they support and Chinese consumers." In 2019, China imported A$730 million worth of live lobsters from Australia, accounting for more than 95% of Australia's total exports. After the diplomatic relations between the two countries entered a tense situation in 2020, the export of live Australian lobsters stagnated, and the frozen lobster trade window remained open. Subsequently, Australian rock lobster producers turned to other Asian markets such as Vietnam and Singapore, as well as European markets, but still could not offset the loss of the Chinese market. In 2023, Australia's live rock lobster ...

Source: Foodmate