Canadian Lobster Suppliers Fear Industry Targeted Amid Trade Tensions with China
Canadian lobster suppliers are feeling the heat as trade relations with China continue to sour. The industry is concerned that they could become a target amid the escalating tensions between the two nations, which have been ongoing for several years.
The Impact of the Trade Dispute on Canadian Lobster Suppliers
The trade dispute between China and Canada began in 2018 when Canadian authorities arrested Huawei executive Meng Wanzhou at the request of the United States. Since then, China has retaliated by imposing trade restrictions on Canadian goods, including lobster.
Canada is the world’s largest exporter of live lobsters, and China is one of its biggest customers. The Chinese market is crucial to the Canadian lobster industry, accounting for over a third of its exports.
However, since the dispute began, China has increasingly targeted Canadian lobster, leading to a significant decline in exports. In 2017, Canada exported over $170 million worth of lobster to China. By 2020, that number had dropped to just over $40 million.
The decline in exports has had a significant impact on Canadian lobster suppliers, who are now anxiously watching as tensions between the two nations continue to escalate.
Why Canada’s Lobster Industry is Concerned
Canadian lobster suppliers are concerned that they could become a target amid the ongoing trade tensions between China and Canada. The industry fears that China could impose further restrictions on Canadian lobster, making it even more difficult to export their product to the Chinese market.
There are also concerns that China could turn to other countries to meet its demand for lobster, further squeezing Canadian suppliers out of the market. China has already turned to other countries, such as Australia and New Zealand, to meet its demand for other goods, such as wine and beef, which were previously supplied by Canada.
Canada’s lobster industry is also concerned about the impact that the trade dispute could have on their reputation. Canadian lobster is known for its high quality and is highly prized in Chinese markets. However, the ongoing trade dispute could damage Canada’s reputation and make it more difficult to sell their product in China and other markets.
What Canadian Lobster Suppliers are Doing to Mitigate the Risks
Canadian lobster suppliers are taking steps to mitigate the risks posed by the ongoing trade dispute with China. One of the most significant steps they are taking is to diversify their markets.
Canadian lobster suppliers are exploring new markets, such as Japan, South Korea, and the European Union, to offset the decline in exports to China. The industry is also working to increase domestic consumption of lobster, which could help to boost demand and stabilize prices.
Canadian lobster suppliers are also working to improve their relationships with Chinese customers. The industry is investing in marketing campaigns and other initiatives to promote Canadian lobster in China and build stronger relationships with Chinese buyers.
The Future of Canada’s Lobster Industry in the Face of Trade Tensions with China
The future of Canada’s lobster industry is uncertain in the face of ongoing trade tensions with China. While Canadian lobster suppliers are taking steps to mitigate the risks posed by the trade dispute, there is no guarantee that these efforts will be successful.
If China continues to impose trade restrictions on Canadian lobster, it could have a significant impact on the industry, leading to job losses and economic hardship in lobster-dependent communities.
However, there is also hope that the trade dispute could be resolved through diplomatic efforts. Canada and China have recently taken steps to improve their relationship, including the release of two Canadian citizens who were detained in China.
If relations between the two nations continue to improve, there is a chance that the Canadian lobster industry could once again thrive in the Chinese market. However, until a resolution is reached, Canadian lobster suppliers will continue to look on nervously as trade relations with China remain uncertain.
- US Lobster Market
- Clearwater Seafoods
- Canada-China Trade Tensions
- Seafood Export
- North American Seafood Industry
News Source : IntraFish.com | Latest seafood, aquaculture and fisheries news
Source Link :Clearwater parent eyes US lobster market as answer to rising China-Canada trade tensions/