Vietnamese lobsters claw back to prominence in China after temporary dip

Chinese imports of Vietnamese lobster expanded 33 times in the first nine months of this year compared to last, as low prices and stronger trade links converged to sate the country’s voracious appetite for the chitinous creatures despite laggard figures for consumption as a whole.

Vietnamese lobster imports totalled US$205.87 million from January to September, a 3,285 per cent increase over the first nine months of last year and 37 per cent of all shipments, according to China’s General Administration of Customs.

In September, China’s lobster imports from Vietnam increased 133.9 per cent compared to the previous month- and 2,336 per cent on a year-on-year basis.

Overall lobster imports increased by 40.86 per cent year on year, reaching US$558.24 million over the same time frame, while import prices decreased by 23 per cent.

The spike means Chinese consumers still have a craving for high-end foods despite hesitancy in overall spending, analysts said, adding Vietnam’s import costs are relatively low because of differentials in labour and shipping.

“Consumption may be weakening, but there’s a portion of consumers who are wealthy and unaffected,” said Zhao Xijun, a professor of finance at Renmin University in Beijing.