Chinese tariffs have caused the Canadian boron industry to incur losses of $55 million.

The Chinese market accounts for 40% of Canada's lobster exports, and since the beginning of this year, exports to China from the main production area, Nova Scotia, have fallen by 65% year-on-year.

Kris Vascotto, the Executive Director of the Nova Scotia Seafood Alliance, said in an interview with the media that, for Canadian exporters, finding alternative markets is necessary until the tariff dispute with China is resolved.

"We will explore some other trading partners, possibly distributing some products to the European and American markets, as well as the Indo-Pacific region. Live lobsters that were originally intended for China will now be transported to factories to be made into shrimp tails and shrimp meat products," said Vascotto.

At the end of November, the two largest production areas in Canada (Zones 33 and 34) will start a new fishing season, with a total production of 21,577 tons for both areas in 2024 (source: Canadian Lobster Association).

"The bigger concern is whether Chinese buyers will still choose Canadian lobster if the trade dispute between the two countries is not resolved soon," Vascotto pointed out, adding that Chinese importers have many other options, such as purchasing Australian rock lobster and other varieties of fresh shrimp and crab.

Vascotto stated that the longer the trade dispute between China and Canada lasts, the greater the possibility that Canada will lose its market share and foothold in the Chinese live lobster market.

"The Chinese lobster market is something that Canadian suppliers have spent decades building. For us, the government must quickly find a diplomatic solution to address this crisis, and we must resolve the issue before losing the Chinese market," Vascotto said.