Canadian lobster exports blocked, prices plummet

"This means that almost a third of the lobsters can only be sold cheaply to processing plants," admitted Stewart Lamont, general manager of Tangier Lobster, an exporter. "But there is almost no demand for lower-grade lobsters in the market, and selling them results in a loss." Due to sluggish processing capacity and inventory backlog, some companies have already suspended purchasing. Since the escalation of trade friction between China and Canada in mid-March, China has imposed an additional 25% tariff on Canadian seafood, causing Canadian lobster exports to plummet by nearly 40%. Customs data shows that exports to China from January to September were only 13,677 tons, worth $328 million. Chinese importers have turned to Australia and Vietnam to fill the market gap. Kris Vascotto, executive director of the Nova Scotia Seafood Alliance, said that without the support of Chinese buyers, the live export market is "basically unbalanced." Demand in the U.S. market has dropped sharply ...