Essay about Lobster: International Trade and Lobsters

Submitted By Cccarolyn520G
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Pages: 6
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Introduction:
Our case is different like other cases because our case is about international trade, which related to other countries. In this presentation, we will firstly, introduce our case briefly, which is Australian lobsters banned in China, and discuss the stakeholders of the case. Secondly, We will talk about the main issues of the cases, for example how the issues affect the stakeholders by using economic theories. We will also provide some alternate solution that can solve the issues in the case. Most importantly we will talk about the effectiveness of the solutions related to the economic that can be used in the case.
Summary of the case:
China as the major importers of Australian lobsters has stopped importing lobsters from Australia in November last year. And the result of the imports ban from a devastating impact on the lobster industry in Australia, because the price of lobster has dropped from AUD 45 down to AUD 25. However, other major exporters of lobsters such as, New Zealand and South Arica are still being sold to China. The import ban will cost lobster industry millions of dollars and affect the jobs of fishermen, because up to 80% of lobsters caught in Australia are sent to China. The trade of lobsters to China and Hong Kong in 2009 were worth as much as $300 million.
Key Stakeholders of the case study :
Chinese Government: The Chinese government, the key stakeholders of the case because China has a ban on Australian lobsters, but allow lobsters from other countries such as New Zealand, and South Africa.
Australian Government: Next, the Australian Government. Some fishermen said the need of free trade agreement between China and Australia is necessary, because without the trade agreement, the export of seafoods to China is not certainly.
Fishermen: Fishermen, the stakeholders who suffer the most in the case. China banned the importation of Australian lobsters, which means less demand for lobsters. Therefore, less fishermen are required to catch the lobster. As a result, it will affect the income and employment of fishermen.
Exporters: China has the fastest growing rate of seafood imports in the world, that is why many exporters are seeking for export to Chinese market. However, without the trade agreement, exporters can not access its market, for example we can see the China ban the Australian lobsters because there is no legal binding agreement.
Consumers: Consumers as the stakeholders in the case are actually benefits because the price of lobsters decreased to AUD 25 per KG. The reason the price of lobsters has drop from AUD 45 to AUD 25 is because they are surplus of supply, as less lobsters are exported to China.
Retailers: As the price of lobsters is decreasing rapidly. Some retailers are stockpiling the lobsters before the trade with China resume, as price of lobster is relative low at the moment.
Fishermen’s Association: Fishermen’s association are urging the Australian government to create a trade agreement with China, so the lobster industry will not suffer.

Issues:
The Australian lobster industry: Because Australian lobster industry is very dependent to Chinese market, this is because 60% of lobsters in Western Australia, 80% of lobsters in Victoria and up to 95% of rock lobsters are exports to China. So When China ban Australian lobsters, the nominal GDP of Australia will decrease. Nominal GDP is the value of final goods and services produced in a specific year, which means the Nominal GDP will be less as worth about $300 million of trade will gone. The lobster ban will also affect the growth of industry.
Circular flows: The following graph is the three and four sector flow. It shows how a macro economy works. As Graph, “the three and four sector” economy shows that, the exports is the injections to the economy, with less exports of lobsters, it can ultimately affect the Australian economic.
Income of Fishermen: because China pays the best price for the Australian lobster, without
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