Vietnam's lobster exports to China maintained strong growth momentum in the first nine months of this year

Published 2024년 10월 24일

Tridge summary

China's lobster imports have surged by 40.86% in volume, with an increase of US$558.24 million, despite a 23% decrease in import value. This growth is driven by Chinese consumers' demand for high-quality seafood and competitive pricing, especially from Vietnam, due to its geographical proximity and low shipping costs. The expansion is further supported by relaxed seafood import regulations post-COVID-19 and trade agreements like the RCEP. Additionally, China is set to resume importing Australian lobsters, ending a nearly four-year ban by the end of the year, as agreed at the ASEAN Regional Forum.

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

Original content

China's lobster imports from various markets increased by 40.86%, an increase of US$558.24 million, while the import value fell by 23%. Analysts believe that despite the general hesitation in consumer spending, Chinese consumers maintain their desire for high-quality seafood. At the same time, it is pointed out that competitive prices and proximity make Vietnamese lobsters a viable choice for Chinese consumers. China-ASEAN relations are developing with strong momentum. The price of lobster imports has fallen by 23%, stimulating consumer demand. Shipping costs remain at a low level due to Vietnam's geographical advantages. According to Feng Thi Kim Thu, a shrimp market expert from the Vietnam Association of Aquatic Products Producers and Exporters, China has relaxed seafood import regulations after the COVID-19 epidemic was brought under control. The subsequent bilateral agreements and the trade liberalization rules of the Regional Comprehensive Economic Partnership ...

Source: Foodmate