News Summary April 10, 2017
Today's Main Story: Western Rock Lobster Price Falls Due to a Drop in China Demand, Cheaper American Exports
Headlining the nws, the value of premium species of lobster sourced from Western Australia has plummeted, causing the lucrative industry to grind to a near halt. The western rock lobster 'beach price', which is the price professional fishers receive direct from processors, has slumped to about $50 a kilogram. Compared to six months ago, the price has shed about 30 per cent of its value. Almost all the western rock lobsters, caught on the continental shelf mainly from Perth to Geraldton, are exported live to China. A seasonal drop in demand from the Chinese market, along with the strengthening of the Chinese Yuan bearing down on Australia's return in the exchange rate, are major factors behind the price fall. Cheaper lobster from America is also suspected as cause for lower prices. The emergence of America as a key exporter of a more affordable lobster to China is also thought to be contributing to the problem.
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