Photo: Norwegian Seafood Council

Market situation for Norwegian crab and cold water prawn

NORWAY
Thursday, August 08, 2024, 01:00 (GMT + 9)

Exports of king crab are falling

• Norway exported 172 tonnes of king crab worth NOK 82 million in July
• The value fell by NOK 29 million, or 26 percent, compared with the same month last year
• Volume fell by 30 percent
• The US, Hong Kong SAR, and Vietnam were the largest markets for king crab in July

The export price of live king crab remains just above last year's July price of NOK 450 per kg but has been on a downward trend since May. At the end of May, demand for king crab was already slowing down, as the price was very high at the same time as uncertainty was spreading in the market linked to rumors that Russian fishing in the Barents Sea would start earlier than usual.

Russia's accelerated fishing in the Barents Sea is putting the brakes on demand for live Norwegian red king crab. They started fishing for red king crab in the Barents Sea on 1 July, instead of 1 September, which has pushed the price of live crab further down in July.

On the other hand, the price of frozen king crab has remained high at NOK 796 per kg, which is the second-best July ever.

The largest market for Norwegian king crab in July was the USA, which saw a 32 percent increase in export value compared with the same month last year. A total of 45 tonnes were exported to the USA, with a value of NOK 24 million in July.

Photo: Lerøy Seafood

Snow crab exports plummet after early fishing

• Norway exported 22 tonnes of snow crab worth NOK 2 million in July
• The value fell by NOK 10 million, or 85 percent, compared to the same month last year
• Volume fell by 81 per cent
• China, Vietnam, and the US were the largest markets for snow crab in July

"With a record-breaking catch peak and record-high volumes exported during the first half of the year, it is not unexpected that exports are now declining," says Marte Sofie Danielsen, head of shellfish at the Norwegian Seafood Council.

For the first time since January, there was also a decline in the export price compared with the same month last year, with an average price of NOK 81.50 per kg for frozen snow crab. Out of a total of 22 tonnes exported, 19 of these went to China and Vietnam.

Only two tonnes were exported from Norway in July to the USA, which has been the largest market for Norwegian snow crab so far this year. There is strong competition from the supplier nation Canada, which exported almost 16,000 tonnes of snow crab to the USA in May. This is the largest volume of snow crab exported to the US from Canada in a single month since June 2015.

Record-breaking July for prawns

• Norway exported 3,971 tonnes of prawns to a value of NOK 148 million in July
• The value increased by NOK 78 million, or 111 percent, compared with the same month last year
• This is a growth in volume of 339 percent
• Canada, Iceland, and Sweden were the largest markets for prawns in July

“The prawn fishery in the Barents Sea is good and there are many boats in the field. This has led to increased exports of frozen raw industrial prawns and frozen cooked shell prawns. As a result, we've recorded the strongest July ever in terms of value for prawns," explains Danielsen.

The growth in value is due to increased volumes, especially of these two products. However, the volume growth of 339 percent is compared with a weak July last year but is still the strongest July in terms of volume since 1999.

More than 2,600 tonnes of industrial prawns were exported in July, compared with just 4 tonnes in the same month last year. This has mainly been exported to Canada and Iceland, both of which are experiencing a downward trend in stocks and quotas.

Canada thus had the highest growth in value in July, with an increase in export value of NOK 28 million compared with the same month last year. The export volume to Canada ended at 1,161 tonnes.

For frozen, cooked shell prawns, there was an increase in value of more than 121 percent in July compared with last year. This has mainly gone to the transit market in Denmark, the consumption market in Ukraine, and the hand-pill market in Morocco.

Source: Norwegian Seafood Council

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