seafood industry

Lobster Prices Tumble as Exports to China, Europe Slow

Seafood exports is just another industry facing a slowdown amid the coronavirus spread

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Lobster prices are tumbling, and shippers fear the worst could be yet to come as the seafood industry deals with a worldwide slowdown in imports because of the coronavirus.

China is one of the biggest buyers in the world for lobsters from the U.S. and Canada, which harvest the same species in the Atlantic Ocean.

Europe is also home to major markets, including Italy, which has been hit hard by the virus.

The wholesale price for 1.25-pound lobsters in March is $7.78. That's 18% behind last year and 33% behind March 2018.

Copyright AP - Associated Press
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