Sanctions against Russian seafood have led the export of Kamchatka crab from Norway to a new record

Frozen Crab

Seafood

Norway

Regulation & Compliances

Market & Price Trends

Published Mar 27, 2024

Tridge summary

In February, the export value of king crab from Norway saw a significant increase of 21 percent from the previous year, reaching a new high despite a slight 1 percent drop in volume. The United States, Spain, and Canada emerged as the leading markets, with the US witnessing a remarkable 304 percent surge in export value. This increase is largely due to a 225 percent rise in the volume of frozen Kamchatka crab exports and a 38 percent hike in the price of live Kamchatka crab, which soared to a record NOK 632 per kg. The price spike was fueled by strong demand around the Chinese New Year and a decrease in supply following sanctions against Russian crab.

Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

Export value increased by NOK 17 million, or 21 percent, compared to February last year. Volume was down 1 percent. The US, Spain and Canada were the largest markets for king crab in February. This is the highest value of king crab exports in February on record. The increase in cost is due to an increase in the volume of frozen Kamchatka crab by 225% and an increase in the price of live Kamchatka crab by 38%. Record high price for live Kamchatka crab In February, the price of live king crab reached a record high of NOK 632 per kg. This is seven crowns higher than the previous record month, which was in May 2022. “In the run-up to Chinese New Year, demand for live king crab was high for Chinese communities in the United States. This, coupled with decreased supply due to sanctions against Russian crab, has led to higher prices,” says Martha Sophie ...

Source: Fishretail