Bình Định - Prices of lobster slumped quite badly

It’s the middle of harvest of commercial lobster, yet many farmers in Nhơn Hải commune of Quy Nhơn city, Bình Định province are suffering from a serious loss due to the slump of lobster prices.

According to the Farmers’ Society in Nhơn Hải commune of Quy Nhơn city, Bình Định province, 27 households stocked 46,000 lobsters in 12 rafts in the 2019-2020 crop, 36 households and 24 rafts less than the previous crop. Farmers in this area have harvested more than 2.6 tons of lobster so far.

However, since earlier this year, the overwhelming COVID-19 pandemic has narrowed and even frozen the market, leaving challenges in lobster exports and resulting in serious loss suffered by farmers in Nhơn Hải commune of Quy Nhơn city, Bình Định province due to a slump of prices. Rock lobsters type 1 (size at least 1kg), type 2 (size 8gr-less than 1kg) and type 3 (size 6gr-less than 8gr) are sold at the same price, 800 thousand dong/kg. This price decreased by 600-650 thousand dong/kg (rock lobsters type 1), 450-500 thousand dong/kg (type 2) and 450-500 thousand dong/kg (type 3).

Farmer Nguyễn Văn Bé, in Hải Nam village, of Nhơn Hải commune, Quy Nhơn city, Bình Định province said that prices of lobster have been in a slump due to the COVID-19 pandemic, resulting in difficulties in exports; and now they are sold at the same price.

This year, the slump in prices and disease outbreaks have made local lobster farmers suffer from serious loss, even some gave up.