Việt Nam’s lobsters claw back prominence in China

Published Oct 25, 2024

Tridge summary

In September, China's lobster imports from Vietnam experienced a significant increase of 133.9% compared to August and over 20 times compared to the same month in 2023. The nine-month lobster exports from Vietnam to China saw a 33-fold increase year-on-year, with China spending over $205.87 million. This surge is attributed to lower prices and stronger trade ties between the two countries. China's overall lobster imports increased by 40.86% year-on-year to $558.24 million, with a 23% decrease in import prices. The rise in lobster imports from Vietnam is due to China's easing of seafood import regulations, bilateral agreements, and trade liberalization rules under the RCEP. China also plans to restart lobster imports from Australia by the end of the year, following a nearly four-year moratorium.

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

Original content

In September alone, China's lobster imports from Việt Nam surged 133.9 per cent against August and more than 20 times compared to September 2023. Việt Nam’s lobster export to the Chinese market in January-September rose 33 folds year-on-year on the back of lower prices and stronger trade ties between the two nations, the South China Morning Post reported on Tuesday. China spent US$205.87 million on Vietnamese lobsters during the nine-month span, more than 30 times compared to the same time last year, the daily newspaper quoted statistics from the General Administration of Customs of China. In September alone, lobster imports from Việt Nam surged 133.9 per cent against August and 2,336 per cent on a year-on-year basis. The country’s overall lobster imports increased by 40.86 per cent year-on-year to $558.24 million in the same period, while import prices decreased by 23 per cent. Analysts said the spike means Chinese consumers still have a craving for high-end foods despite ...

Source: WTOCenter