April 13, 2007

Strong Australian dollar impacts local seafood exporters

The strengthening Australian dollar is hurting Tasmanian seafood exporters in Australia.

The Australian dollar is trading at a dollar to US$ 0.83 currently, a 17-year high that is pushing up the cost of Australian exports.

The rising Australian dollar seems to have little effect on the crucial Chinese abalone market, Adrain Cuthbertson from Seafood Traders said.

However, abalone buyers in Taiwan, the US and Japan are issuing signs of protests.

Buyers would look for cheaper alternatives if they can, especially farmed abalone from Chile, he added.