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Canada's frozen snow crab export trade has performed poorly this year

 foodmate 2022-12-20

From SeafoodNews Dec. 14 news, if snow crab processors in Newfoundland and Labrador, Canada, want to sell as much in 2022 as in 2021, they must find orders worth $100 million on New Year's Eve.

The latest data from Statistics Canada shows that as of the end of October, the province's exports and exports of snow crabs were much lower than last year. In the U.S. market alone, Canadian snow crab sales are down about 4 million pounds from 2021, and earnings are down about 40 percent, according to a U.S. seafood analyst.

According to the National Oceanic and Atmospheric Administration (NOAA), the number of snow crab imports from various sources in the United States decreased by about 31% in 2022, a total reduction of 44 million pounds.

Canada is a major supplier of snow crabs to the United States, accounting for 91% of the US market.

From 2021, the overall price of Canadian snow crab has fallen by about 40%, and by October, the average import price was $8.46 per pound, up slightly from $8.05 per pound in September.

In April, with the arrival of crab season on the East Coast, fishermen saw catches as high as $7.60 per pound, and by mid-May, prices began to fall, and in Newfoundland and Labrador, prices were set by pricing groups and dock prices dropped to $6.15.

So far this year, Newfoundland and Labrador, Canada's largest producer of snow crabs, has exported more than $100 million less than $100 million worth of frozen snow crabs compared to 2021, with exports of more than 19.5 million kilograms worth $606 million. Last year's exports amounted to 21 million kilograms worth $725 million.

In Nova Scotia, the province exported more than 10 million kilograms of frozen snow crabs worth $323 million in 2021. This year, as of the end of October, exports amounted to 9.5 million kilograms worth more than $291 million.

Statistics Canada data shows a significant increase in the number of Canadian frozen snow crab exports to Asian countries.

In 2021, Canadian frozen snow crab exports to Vietnam amounted to 644,000 kilograms, worth about $17.7 million. So far this year, exports have reached 1.9 million kilograms worth $57.3 million, and export earnings have increased more than threefold.

By the end of October, Canadian frozen snow crab exports to China were 3.3 million kilograms, up from 2.6 million kilograms in the same period last year, and export earnings increased from US$68.3 million to US$87.2 million. However, not all Asian buyers are the same.

Exports of frozen snow crabs from Canada to Japan and Indonesia began to decline in 2021. Russian snow crab accounts for 65% of the Japanese market share, as well as the king crab market as a whole. Up to now, the export volume of Russian live crabs to the Asian market is 16,000 tons, an increase of 24% year-on-year.

Canada

 Disclaimer: ECHEMI reserves the right of final explanation and revision for all the information.

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Canada's frozen snow crab export trade has performed poorly this year

The Norwegian Ministry of Finance plans to reform the aquaculture tax

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