Vietnam: In the first two months of the year, lobster exports increased 18 times

Frozen Rock Lobster

Seafood

Vietnam

Market & Price Trends

Published Mar 21, 2024

Tridge summary

Vietnam's lobster exports have seen a significant increase of 1,746% by the end of February 2024, reaching nearly 30 million USD, with scalloped spiny lobsters accounting for over 90% of this figure. Despite China ceasing imports of Vietnamese ornate spiny lobsters due to wildlife protection laws, it remains the largest market for Vietnamese lobster products. A special mechanism is under consideration to resume lobster exports to China. Meanwhile, farmers are focusing on scalloped spiny lobsters, which are still in high demand in China. Other export markets include Thailand, Malaysia, Singapore, and the US, where Vietnamese crayfish are popular.

Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

By the end of February 2024, lobster exports had reached nearly 30 million USD, an increase of 1,746% compared to 1.6 million USD in the same period last year. Of which, scalloped spiny lobster (panulirus homarus) exports accounted for more than 90% with 27.6 million USD, an increase of 80 times, followed by ornate spiny lobster reaching 2.15 million USD, an increase of 45 times over the same period. China is still the largest import market for Vietnamese lobster products, with a value of nearly 29 million USD, 27 times higher than the same period last year. Since October 2023, China stopped importing Vietnamese ornate spiny lobsters because of regulations related to the country's Wildlife Protection Law. To export ornate spiny lobsters to China, businesses must prove that the shrimp seeds are not caught directly from the sea, demonstrate a clear farming process, and not use breeds exploited from the wild, meaning they must be F2 generation; importers must have a license... On ...

Source: Vasep