Like wine, Australian seafood exporters suffered under an import ban imposed by China in on a range of Australian products back in 2020. Lobster export value and weight dropped to about 40% and 60% of previous highs. China accounted for almost 100% of Australian Crustacean exports in 2018 and 2019. News that China will again be open to Australian Lobster exporters is good news because China represents one of the most important markets worldwide and comes in time for the usual Dec-February peak in volumes. However, even without China, the export market has shown a degree of recovery and re-diversification, most notably to Hong Kong, Vietnam and Taiwan.
At its peak in 2018 and 2019, Australian crustacean exporters were generating approximately 11,000 tonnes of exports worth around A$840 million per year – about A$76 / kg. The high value per kg means the product was almost entirely shipped by air. Western Australia accounted for about 72% of total exports, up from about 52% in 2010.
Over the past decade, three countries have accounted for the majority of exports – China, Hong Kong and Vietnam. Direct trade with China only accounted for a small share of exports prior to 2018, with most shipments destined for Vietnam. Following the Chinese ban on Australian products in 2020, some volume was redirected to Hong Kong, Vietnam and Taiwan. Trade can sometimes be like water and find its way. The chart below shows overall development contrasted against the top three markets – China, Hong Kong and Vietnam.
After 2020 the typical export pattern also changed. The figure below shows monthly shipments of Crustaceans over the past decade. Export volumes and prices typically surged between December and February of each year. Since then, the seasonality in volumes has been less pronounced.
