With Limited Shipments to China Because of the Coronavirus, Lobster Prices Have Dropped in the US
China is a huge customer of lobster from the U.S. But not right now.
According to Forbes, the U.S. has limited shipments into China, so the price of exports, like lobster (and it's affecting pork, chicken and beef a bit too), have dropped.
But lobster is the big export hit, as lobster has fallen to it's lowest price in four years, Forbes states, and flights to Asia from North America have pretty much come to a standstill since the coronavirus outbreak.
Because of that, there's a surplus of lobster - thousands of pounds flooding the markets and pushing prices down.
The prices for a one and a half pound lobster from New England has dropped 17% since January to $8.10 a pound - it is usually around $9.85 a pound this time of year, according to Forbes.
Well, if you find yourself craving lobster, it may just be time to help out lobstermen and have a treat China can't get right now...