Photo: Norwegian Seafood Council
Current Market Situation for Norwegian King and Snow Crabs
NORWAY
Monday, October 07, 2024, 00:10 (GMT + 9)
The quota cut affects the export of king crab
- Norway exported 588 tonnes of king crab worth NOK 288 million in the third quarter
- The value fell by NOK 130 million, or 31 per cent, compared with the third quarter last year
- Volume fell by 35 per cent
- The US, Hong Kong SAR and Vietnam were the largest markets for king crab in the third quarter
- The quota reduction of just under 60 per cent means that the export volume of king crab in the third quarter fell by 35 per cent compared with the same period last year
"If it hadn't been for good fishing in the unregulated area, the decline would have been even greater. In the third quarter, the supply from the unregulated area was actually, greater than from quota-regulated fishing," says Josefine Voraa, Head of Shellfish with the Norwegian Seafood Council
USA is Norway's most important market
- The US market accounted for 41 per cent of total exports in the third quarter, with an export volume of 239 tonnes and a value of NOK 119 million.
- The total decline to the US is just over 15 per cent in volume, even though the decline in catches of king crab has fallen by 48 per cent so far this year.
"With Russia out of the US market and only a small quota in Alaska, the US remains the most important market for both live and frozen Norwegian king crab," says Josefine Voraa.
Live king crab dominates
Live king crab accounted for 73 per cent of the export volume in the third quarter, with 430 tonnes. This is a decrease of 36 per cent compared with the same period last year.
In terms of value, exports totalled NOK 202 million, which is 32 per cent lower than last year.
King crab exports in September
- Norway exported 202 tonnes of king crab worth NOK 107 million in September
- The value fell by NOK 18 million, or 14 per cent, compared with September last year
- Volume fell by 24 per cent
“In the US and Canada, demand tends to pick up in the autumn and towards the Christmas season in the markets. In September, North America grew by 23 per cent in volume and 31 per cent in value. While Asia, which is flooded with Russian crab, declined by 74 per cent in volume and 78 per cent in value," explains Josefine Voraa.
Low exports of snow crab
- Norway exported 72 tonnes of snow crab worth NOK 8 million in the third quarter
- The value fell by NOK 12 million, or 58 per cent, compared with the third quarter last year
- Volume fell by 61 per cent
- Japan, the US and China were the largest markets for snow crab in the third quarter
Japan had the highest value growth in the third quarter, with an export value of NOK 4 million, compared with nothing the previous year. The export volume ended at 32 tonnes.
Snow crab exports in September
- Norway exported 1 tonne of snow crab worth NOK 168,000 in September
- The value fell by NOK 5 million, or 97 per cent, compared to September last year
- Volume fell by 99 per cent compared to September last year
Source: Norwegian Seafood Council
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