King crab imports in China continued to grow rapidly in 2024, with an increase of nearly 60% in the first two months

Published 2024년 4월 19일

Tridge summary

In the early months of 2023, China has experienced a significant surge in the import of live crabs from Russia, with a 58% increase in volume and an 81% increase in value compared to the previous year, expecting to reach 30,107 tons by year-end, a 50% rise from 2022. King crabs constitute the majority of these imports. This growth is driven by the rising acceptance among Chinese consumers and the redirection of Russian crab exports to Asia following the US trade ban. However, despite the booming market, the intense competition and economic slowdown have resulted in financial losses for most importers. The US Department of Agriculture also points out the potential for further growth in China's market for fresh aquatic products and highlights the strategic significance of the new Kamchatka-Zarubino-Hunchun transportation route in facilitating quicker and cheaper delivery of live crabs to China.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Customs data show that in January and February, my country imported 5,543 tons of live crabs (HS: 03063399, including king crabs, snow crabs, hairy crabs, etc.) from Russia, a year-on-year increase of 58%; the import value reached US$239 million, a year-on-year increase of 81%. In 2023, China will import 30,107 tons of live crabs from Russia, a 50% increase from 20,090 tons in 2022. An importer told UCN that king crabs account for two-thirds of all live crab imports, and the remaining one-third are snow crabs and hairy crabs. The import volume of king crabs in the first quarter increased significantly compared with last year, and showed a trend of rising volume and price. The wholesale price in Shanghai rose by 10% compared with the same period last year, while the price last year was lower than the year before. At present, merchants are actively preparing for the upcoming May Day holiday, and it is expected that the consumption situation on May Day this year will be better than ...

Source: Foodmate