Abalone, fish maw demand up for Chinese new yearUpdate: 1/18/2013
A limited supply of abalone and fish maw is causing Singaporean traders and wholesalers to raise prices for luxury seafood ahead of the Chinese new year, according to The Business Times.
Import of abalone is being controlled by countries of origin, such as Australia and Mexico, due to regulations and environmental constraints, leading to limited stock, said the news website. Despite the falling supply, regional demand for high-end seafood, including abalone and fish maw, continues to soar in time for new year celebrations on Feb. 10.
This has meant suppliers are expecting to pay approximately 6-8% more this year compared to last year. Dean Lisson, chairman of the Abalone Council Australia, told The Business Times that Tasmania, the world’s largest wild abalone resource, has reduced its annual harvest by 217,000kg this year. Last year, it also reported a 200,000kg reduction.
In the case of fish maw, advancing fishing technology has resulted in overfishing, significantly cutting the number of large fish “suitable for high quality fish maw”, The Business Times said.
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