Chinese New Year Boosts Demand for Rock Lobster from Australia

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By Vittorio Hernandez | January 30, 2014 4:51 PM EST

REUTERS
Revellers attend a Chinese New Year parade at Chinatown in New York January 29, 2012. The Lunar New Year began on January 23 and marked the start of the Year of the Dragon, according to the Chinese zodiac.

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Australian exporters are profiting from the sudden huge demand for rock lobsters in China, like those caught in the video, due to the Chinese New Year celebration on Friday.

ABC reports that over 10 tonnes of rock lobster are being shipped daily from the southeast of South Australia to China. In fact, many fishers have met their full lobster quota and will have to stop casting their nets.

Crustaceans, though, are just one of the growing Australian exports to China which reached $92 billion in 2013.

However, as China observes their New Year for Spring Festival Golden Week Holiday from Jan 30 to Feb 5, business transactions between the two countries will be halted.

Dynamic Business advices Aussie exporters to settle their RMB invoices before the Chinese New Year to avoid potential late payment fees and broken contracts. Likewise, Australian companies must request payment from their Chinese trading partners prior to Jan 31 to avoid potential cash flow issues.

Meanwhile, while Chinese in the mainland and Hong Kong will travel to their hometowns to celebrate the most important holiday in their calendar with a family reunion, traditional banquet and the distribution of red envelopes with money inside, migrant Chinese in Australia plan to spend the holiday in national parks such as the Mirima National Park in Kununurra, Western Australia.

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(Photo: REUTERS / Eduardo Munoz)
Revellers attend a Chinese New Year parade at Chinatown in New York January 29, 2012. The Lunar New Year began on January 23 and marked the start of the Year of the Dragon, according to the Chinese zodiac.
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