Australian rock lobster industry is facing tough situation as the Australian dollar crashed which cost exporters a small fortune. Alex Fotiou, from Bluwave Lobster, one of Western Australia’s major exporters, told that every US1c jump in the Australian dollar was shaving up to 50c from the profit margin for each kilogram of lobster sold. Bluwave exports about one million kilograms of lobster annually, with a turnover of about $35 million. It employs up to 150 staff at peak periods, buying lobster, processing it and selling it.
In Western Australia the rock lobster industry is valued at about $250 million, but the recovery in the dollar and its impact on sales makes it difficult to be precise. Fotiou told that the buyers overseas are prepared to pay a certain price for their goods in US dollars, what happens as the (Australian) dollar increases is that they have needed to ask for more. He further said that when they see the increase in the asking price, they just cancel their orders and aren’t interested in the product. It’s affecting the fishermen quite a bit because this time of the year they’re supposed to be making more money, says Fotiou.
