GEORGE TOWN: Abalone has always been an expensive Chinese New Year delicacy, along with sea cucumber and fish maw. Not for the year of the dragon, though.
All three premium seafood products are set to be slightly cheaper this year.
“China has farmed so much abalone that there is now an oversupply in the market, hence the price has gone down a bit,” says wholesaler Datuk Chan Lim Kuan.
“There is also sufficient supply of fish maw from Indonesia and sea cucumber harvested locally.
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“We are sure of lower prices as we take many of them raw and process them; all of these are year-long processes,” he said at his shop in Lebuh Pantai here.
As for abalone imported from elsewhere such as Mexico, Chan said the prices would remain high.
“A can of abalone from China now costs as little as RM30, but those from Mexico have been about RM600 for a while.
“To an inexperienced consumer, they taste similar,” he said.
Although many of those in the trade are still recovering from the economic impact of the Covid-19 pandemic, he said business this year is expected to be better.
“I have been getting orders since six months ago from large businesses. Right now, the smaller shops are beginning to place orders.
“With the prices of the ingredients either remaining the same or cheaper, I hope business will be 30% better this year,” Chan said.
Another supplier in Jalan Dr Lim Chwee Leong noted that some imported items, except for abalone, might see a slight price increase due to the currency exchange.
The owner, who wished to be known only as Goh, said these items are mostly seafood products.
“Imported items such as sea asparagus, scallops and fish maw are about 10% more expensive due to our weaker ringgit.
“But for abalone, due to the higher production in China, they are cheaper,” said Goh, 58.
