September 28, 2018 — An executive with a Chinese seafood conglomerate has accused U.S. lobster companies of dumping their products on other Asian markets at steep discounts.

Jack Liu, the Halifax, Nova Scotia, Canada-based, North American president of Chinese seafood company Zoneco, which owns the lobster-focused Capital Seafood, told the Canadian Broadcasting Company the dumping was a response to newly-imposed tariffs closing off the Chinese market to U.S. exporters.

“They are going to dump those amounts of lobster into other parts of the world,” Liu said. “We have seen that.”

Liu said U.S. lobster – often labeled as Boston lobster – is selling for at least a USD 1.00 (EUR 0.85) per pound less in Hong Kong, Malaysia, and Taiwan, putting pressure on Canadian lobster exporters.

“I believe Canadian lobster, as we speak, is somewhat losing market share in those Asian markets due to the lower price from the U.S.,” he said.

While Canadian exports to China have risen in the short-term, Liu said he is not comfortable with the situation.

“Tariffs have never been a good thing. Any sort of tariffs are going to distort and disrupt the markets and we’ve already seen that,” Liu said.

Read the full story at Seafood Source