Farmers in Phú Yên Province clean and sort lobsters. — VNA/VNS Photo Tường Quân

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 hesitancy in overall spending, adding import costs from Việt Nam are significantly lower than from other countries due to differentials in labour and shipping.

According to Phùng Thị Kim Thu, 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 liberalisation rules under the Regional Comprehensive Economic Partnership (RCEP), have facilitated Việt Nam's expansion of lobster exports.

China is also set to restart the import of Australian lobsters. During the recent ASEAN Summits in Laos, Beijing and Canberra agreed to lift a nearly four-year moratorium on lobster shipments by the end of the year.

In 2019, the last full year with data recorded, over half of China’s lobster imports came from Australia. — VNA/VNS