October 15th 2024.
Good news for the Australian fishing industry as rock lobster exports to China are set to resume by the end of this year. However, this may also lead to an increase in prices. Prime Minister Anthony Albanese announced this development during the ASEAN summit in Laos last week, following a deal struck with Chinese Premier Li Qiang to lift the four-year trade restrictions on rock lobster fishers.
Before the ban was imposed by Beijing, the Chinese market accounted for 90% of Australian fishers' exports, bringing in up to $550 million annually. The reopening of trade with China, expected to coincide with Chinese New Year in 2025, provides a sense of security for the industry as it regains a major export destination. However, with a significant portion of Australia's lobster catch now allocated to China, it is likely that local supply will decrease.
According to Kyriakos Toumazos, an executive of the South Australian Northern Zone Rock Lobster Fishermen's Association, the past four years of being locked out of the Chinese market have been a difficult lesson for fishers. The industry now aims to diversify its market and not rely solely on China. Building a stronger market in Australia is a priority, as local support during the trade ban was greatly appreciated.
Toumazos emphasizes the industry's goal to provide stability in pricing for Aussie seafood lovers, especially during the upcoming Christmas season. The aim is to keep prices for Southern Rock and Western Rock lobsters between $75 to less than $100 per kilo. This is a level that the industry believes it can maintain for the local consumer.
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