Russia: The first half of the year was weak for the export of Kamchatka crab from Norway

Published Jul 22, 2024

Tridge summary

The article highlights a significant decrease in the export value and sales volume of king crab in the first half of this year, with a drop of NOK 128 million (27%) and 29% respectively, compared to the same period last year. Despite this decline, the U.S. has emerged as the largest market, increasing its share to 44% with a value of NOK 176 million, despite a 2% rise in costs. The high demand for Norwegian king crab, coupled with a global shortage of red king crab, has led to a record-breaking price of NOK 596 per kg. There has also been a notable shift in the export mix, with the share of frozen Kamchatka crab rising from 30% to 43%, primarily due to increased supply to the U.S. following reduced stocks of Russian crab.

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

Original content

Compared to the first half of last year, the value of exports decreased by NOK 128 million, or 27%. Sales volume decreased by 29%. In the first half of the year, the largest markets for king crab were the USA, Canada and Vietnam. “The first half of the year was characterized by a reduction in king crab supplies, which is a result of reduced quotas, bad weather at the start of the year and the extension of the closed season into March and April,” says Marte Sophie Danielsen, seafood analyst at the Norwegian Seafood Council. In the first half of the year, the US was the largest market in terms of value and sales volume. Despite the decline in sales, the U.S. share increased 11 percentage points this year to 44 percent. Additionally, the US cost increased by 2 percent to NOK 176 million. “Due to the decline in global red king crab supplies, demand for Norwegian king crab was high in the first half of the year. This resulted in a record high live king crab price of NOK 596 per kg, ...

Source: Fishretail