Posted by on January 14, 2005 at 08:18:41:
SINGAPORE : The price of sea cucumber and shark's fins is 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.
In some cases, prices have already 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.
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