Craze for lobsters in China sends US exports soaring


Craze for lobsters in China sends US exports soaring
  1. Craze for lobsters in China sends US exports soaring
    rt.com
    The demand for lobsters in China is booming with record exports from the United States. Read Full Article at…
    Finance

Just a decade ago American lobsters were almost unheard of in most of China. By 2010, imports had increased by 250 percent to nearly $7.4 million worth.

Read more Women stuff live lobsters into suitcase on Hong Kong train (VIDEO)

Now that seems just like a drop in the ocean after China imported over $108 million in lobsters from the US last year, overtaking the previous record set in 2014 at $90.2 million.

“We've opened new markets in Asia, which is booming. Everything is clicking now,” said Dave Cousens, president of the Maine Lobstermen's Association, as quoted by AP.

Chinese importers bought over 14 million pounds (6.4 million kilograms) of American lobsters in 2016, which was also a record compared to 13.1 million pounds (5.9 million kilograms) the previous year.

China is not the only country in the Asian market that has got hooked on American shellfish. Lobster imports to South Korea grew from less than $5 million in 2010 to nearly $28 million last year, while shipments to Vietnam increased from $142,940 to more than $31 million in the same period.

“The Asian market is a key component,” said Patrick Keliher, the commissioner of the Maine Department of Marine Resources.

READ MORE: China service sector expansion drops to 4-mth lows

The surge of the product in China is connected to the growth of the country's middle class, according to Stephanie Nadeau, the owner of The Lobster Company, in Arundel, Maine. She…

© Lee Ming Fai
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