Why your Christmas lunch favourites are about to get cheaper: Lobster drops by $50 a kilo while the price of red wine plummets amid the trade war with China – but it’s bad news if you drink white
- Australia’s trade war with China has seen price of seafood and red wine drop
- White wine drinkers left short changed, with price increases predicted this year
- Due to fallout from Covid-19 as well as China’s current import taxes on wine
Red wine will also drop in price, but the news isn’t all good – white wine is set to increase in value.
After China recently elected to impose an unofficial ban on the importing of crayfish from Australia, the upside is many local families will be eating like kings and queens in 2020 as fisheries look to instead tap into the local market.
Veronica Papacosta, CEO of Seafood Industry Australia, confirmed bargain prices for items such as crayfish and lobster will be the norm down under this festive season.
Seafood Christmas lunches are tipped to be the norm this year in Australia, with luxury items such as lobster and crayfish cheaper than ever (stock image)
Red wine prices are also tipped to plummet due to less demand in China due to the pandemic as well as the current massive tariffs (stock image)
‘You’ll be looking at $50 to $60 a kilo (for crayfish),’ she told 3AW on Tuesday morning.
‘On the local front, I think you will then also see (the price of) lobster come down.’
Southern rock lobster typically retails for up to $125 a kilo, but this year the seafood delicacy will cost around $75 per kilo in most parts of Australia.
Leading South Australian food and wine expert Michael Angelakis said now is the opportune time to support the seafood industry and also snap up a bargain or two for your Christmas lunch.
‘Our lobsters are world class because of our cold water,’ he said. ‘And we also haven’t seen prices this good for decades.’
When it comes to white wine, a recent report from the Australian Bureau of Agricultural and Resource Economics and Sciences revealed prices will rise.
This is partly due to Covid-19 related distillation of wine stocks into industrial alcohol.
The Advertiser reports red wine prices are set to plummet due to less demand in China stemming from the pandemic and the controversial decision in Beijing to import tax of up to 212 per cent on imported Australian wines.
Until the unwanted tariffs are removed, Australian wine trading with China is tipped to be minimal.
White wine drinkers won’t be pleased to hear prices will increase this December (stock image)