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NewsAsia, 13 Jan 05
Shortage in supply leads to price hike for abalone, shark's fins and sea cucumber
By Lee Ching Yee and Tan Bee Leng
SINGAPORE : The price of sea cucumber and shark's fins are expected to rise during the lunar new year, due to aggressive buying from bigger markets such as China, which has led to a supply shortage.
And in some cases, prices have increased by 50% as supplies have dropped by as much as 40%. Tang Yong Seng, a seafood retailer said, "Prices are high because China bought so much, resulting in a shortage of supply to Singapore. China buyers will even go to the country of origin to procure goods, pushing up prices further."
Sea cucumbers saw the biggest leap in price. They will cost 280 dollars per kilogramme up from 200 dollars last year.
While shark's fins are also expected to cost about 40% more this year. Many retailers claim, they are settling for smaller profit margins to attract more customers. - CNA
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