Low catch means high prices for lobster in Maine and Canada

Prices for North American lobster caught in Maine and Atlantic Canada has surpassed USD 13 (EUR 12.15) per pound, according to a CBS News report.

The price per live lobster was between USD 9 and 11 (EUR 8.40 and 10.25) in September, but bad weather in Canada has prevented many lobstermen there from fishing, according to the article. Domestic wholesale prices have also been on the rise, with a 1 ¼-pound live hard shell lobster going for USD 8.65 (EUR 8.07) per pound in the New England market in January, up from USD 7.75 (EUR 7.23) per pound in December, the article reported.

Prices have been rising recently due to the upcoming Chinese New Year on 28 January, but even outside of the holiday season, China’s demand for American lobster has surged in the past several years. In 2016, for the third straight year, the United States exported more than 12 million pounds of lobster, valued at USD 85 million (EUR (EUR 79 million).

And China’s demand will continue to grow, according to Bill Bruns, operations manager at The Lobster Company of Arundel, Maine.

“[China is] building infrastructure to meet more demand,” Bruns told CBS News.

Overall, the U.S. lobster fishery was valued at USD 600 million (EUR 560 million) in 2015, the news site reported.

(Photo courtesy of Maine Coast Co.)