USA: Demand for lobster will increase

Canada's live lobster exports have fluctuated a bit recently, but prices are now rising again after being very low. Consumers appear to have become more price sensitive now in the wake of the COVID-19 pandemic, with the global economy headed toward high inflation and slow growth. However, exporters expect prices to continue to rise over the next few months. One reason for this is that China appears to have returned to the market after being completely isolated for most of 2022. U.S. live fresh lobster exports to China rose to 830 tons in the second quarter of 2023, valued at $16.25 million. This represents an increase of 69 percent in volume and 55 percent in value compared to the second quarter of 2022. EU imports remained at approximately the same level as in 2022. Canada, as usual, became the largest supplier to the European Union. Demand in the Chinese market will remain strong in the coming years, and demand in the United States will increase again. One uncertainty is how the ...