Nova Scotia Lobster Supply Set to Boost Exports to China
New lobster supply hopes to renew interest from Chinese market
Ctv News
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Lobster fishermen in Nova Scotia, Canada, are facing low catches due to cold water temperatures and rough seas, resulting in high prices of over $16 per pound. With the lobster season opening soon, exporters anticipate increased supply may reignite interest from the Chinese market, which has been slow to recover despite the removal of tariffs.
- 01Lobster catches in Nova Scotia are currently low due to cold water temperatures and rough seas.
- 02Fishermen are receiving over $16 per pound, a significant increase from $8.50 in December.
- 03The Chinese market has not fully returned despite the removal of a 25% tariff on March 1.
- 04The upcoming lobster season may increase supply and potentially lower prices.
- 05Exporters are optimistic about renewed interest from China if prices become more affordable.
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Lobster fishermen in Nova Scotia, Canada, are currently facing challenges with low catches due to water temperatures around 36 degrees Fahrenheit, which are below the optimal range for lobster movement. Jamie Osborne, a local fisherman, reports that he will be setting more traps to increase his catch. The high price of lobster, currently over $16 per pound, has deterred interest from the Chinese market, which has not rebounded as expected since the removal of a 25% tariff on March 1. Stewart Lamont, managing director of Tangier Lobster Company, notes that while the Chinese market can be lucrative, the current prices make it less attractive for importers. However, with the lobster season set to open soon, there is hope that increased supply will help lower prices and stimulate demand from China.
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An increase in lobster supply could lead to lower prices, benefiting both local fishermen and consumers.
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