During the nine-month span, China spent nearly 206 million USD on Vietnamese lobsters, the daily quoted statistics from the General Administration of Customs of China as saying.
In September alone, lobster imports from Vietnam surged 134% against August, and 2,336% on a year-on-year basis.
Analysts said that, the spike means Chinese consumers still have a craving for high-end foods, despite hesitancy in overall spending. Besides, import costs from Vietnam are significantly lower than from other countries, due to differentials in labor and shipping.
According to an expert from the Vietnam Association of Seafood Exporters and Producers, China’s easing of seafood import regulations, together with the signed bilateral agreements and the trade liberalization rules under the Regional Comprehensive Economic Partnership, have facilitated Vietnam’s expansion of lobster export.
In 2019, the last full year with data recorded, over half of China’s lobster imports came from Australia./.
