Vietnam’s lobsters clawback prominence in China after a temporary dip
In September, China’s lobster imports from Vietnam increased 133.9% compared to the previous month- and 2,336% year-on-year.
Vietnam’s lobster exports to China expanded 33 times in the first nine months of this year compared to last, as low prices and stronger trade ties between two nations, the South China Morning Post reported on 23 Oct 2024.
China spent US$205.87 million on Vietnamese lobsters from January to September, a 3,285% increase over the first nine months of last year and 37% of all shipments, according to China’s General Administration of Customs.
In September, China’s lobster imports from Vietnam increased 133.9% compared to the previous month and 2,336% year-on-year. Overall lobster imports increased by 40.86% year on year, reaching US$558.24 million over the same time frame, while import prices decreased by 23%.
As domestic aquaculture is unable to produce enough of the animals to meet the country’s demand – and Vietnamese products are cheaper – Zhao Xijun, a professor of finance at Renmin University in Beijing, said a boost to imports from Vietnam is a simple remedy for the shortfall.
The figures are a marked contrast to consumer confidence – which weakened in August compared to July under the yoke of a lingering property crisis – though retail sales ticked up 3.2% last month over September 2023.
A 1,281km land border with China keeps Vietnam’s shipping costs low compared to more distant exporters such as Australia and Canada, analysts said.
“I think it’s all down to cheap, cheap, cheap,” said Frederick Burke, the American Chamber of Commerce’s Vietnam representative to the Vietnam Business Forum management board.
Vietnam’s lobsters can be shipped fresh within a day, making them a viable option for the discerning Chinese palate, said Jack Nguyen, CEO of the professional services firm InCorp.
VFM
