3 Nov 2020
- Lobster supplies in Australia are strong and Indonesia has the potential to increase its landings considerably. However, on the US New England coast, the supply picture is less optimistic.
- The economic development in the wake of COVID-19 has impacted the lobster sector very seriously, as dining out has been radically reduced. In many countries, the restaurant sector has had to close down, thus this distribution channel has all but disappeared. This has also negatively affected international trade of lobsters.
- The EU-Canada trade agreement greatly favoured Canadian lobsters on the European market. However, recently an agreement between the USA and the EU changed this to some extent, as EU tariffs on US lobsters were removed.
- Lobster demand in China is still growing, but this is benefitting first and foremost the Canadian lobster industry. Yet, recently the USA and China signed an agreement which reduced the 35 percent import duty on US lobsters