Photo: Norwegian Seafood Council

International market situation for Norwegian king crab, snow crab and coldwater prawns

NORWAY
Wednesday, May 08, 2024, 07:10 (GMT + 9)

Decline for king crab

• Norway exported 44 tonnes of king crab worth NOK 22 million in April.
• The value fell by NOK 14 million, or 39 percent, compared to the same month last year.
• Volume fell by 31 percent.
• The US, Denmark, and Japan were the largest markets for king crab in April.

The decline in export value is due to lower volumes and lower prices for frozen king crab.

“April is a closed season, which means there is no catch of king crab. Due to a challenging fishery, an extended closed season, and lower catches so far this year, there was less king crab in stock in April than last year. As a result, there was a volume decline of 31 per cent in April," says Marte Sofie Danielsen, Head of Shellfish with the Norwegian Seafood Council.

Weak start to the year

So far this year, the decline is 23 percent in volume and 15 percent in value.

The average price of live king crab was NOK 577.7 per kg, which is an increase of NOK 224.7 per kg, or 64 percent, compared with April last year, which was the weakest month in terms of prices.

Large price drop for frozen king crab

“The price of frozen king crab fell by as much as NOK 287 per kg, or 39 percent, compared with the same month last year. "This price decline is due to the fact that the largest share of frozen king crab has gone to Japan, at an average price of just NOK 246 per kg”, explains Danielsen.

The transit market Denmark had the highest growth in value in April, but so far this year it is the USA that is Norway's largest growth market, with a growth in value of NOK 35 million.

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Continued positive development for snow crab

• Norway exported 1,285 tonnes of snow crab worth NOK 149 million in April.
• The value increased by NOK 72 million, or 94 percent, compared to the same month last year.
• This is a growth in volume of 67 percent.
• USA, Vietnam, and Japan were the largest markets for snow crab in April.

Good fishing and increased landings have led to a good build-up of snow crab stocks.

“In addition, the positive price trend continues, with April being the third consecutive month of growth compared to last year, and the fourth consecutive month of growth compared to the previous month," says Marte Sofie Danielsen, Head of Shellfish at the Norwegian Seafood Council.

Strong growth in the US

The average price for frozen snow crab in April was NOK 116 per kg, which is NOK 16 per kg more than in April last year.

In April, snow crab has mainly exported to the USA, which has seen an increase in export value of 308 per cent compared to April last year.

“The largest Canadian snow crab fishery was postponed again this year and did not begin until the end of April. This has provided good opportunities for exports to the USA in April, where the average price has increased by 25 percent," says Danielsen.

Prices have increased

So far this year, 5,796 tonnes of snow crab have been exported. This is an increase of 2,200 tonnes compared with the same period last year.

“In addition, the average price has increased from NOK 103 per kg to NOK 111 per kg, which has resulted in a 73 percent increase in value," explains Marte Sofie Danielsen.

Fall in value for coldwater prawn

• Norway exported 1,955 tonnes of prawn worth NOK 102 million in April
• The value fell by NOK 7 million, or 7 percent, compared to the same month last year.
• This is a growth in volume of 29 percent.
• Sweden, Canada, and Finland were the largest markets for prawns in April.

There has been a decline in volume for the largest prawn products, apart from fresh, cooked shell prawns and raw, frozen industrial prawns.

694 tonnes of raw, frozen industrial prawn were exported, compared with only 89 tonnes in April last year.

"This has gone to Canada and has contributed to the volume growth of 29 percent. Nevertheless, this product has a lower price, in addition to the fact that there has been a price drop for virtually all the largest prawn products, which has contributed to the 7 percent drop in value for prawn," says Marte Sofie Danielsen, Head of Shellfish with the Norwegian Seafood Council.

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Decrease in volume for frozen, cooked coldwater prawn

Frozen, cooked shell-on prawns, which have seen strong growth so far this year, declined in April with a 25 percent fall in volume and a fall in price of NOK 19 per kilo.

“Most of this has gone to the transit market Denmark and the hand pill market Morocco," says Danielsen,

So far this year, there has been an increase in volume and value of 12 and 2 percent respectively.

Sweden is the largest market

Sweden has been the largest market, with a value growth of 12 percent, while Denmark has been the largest growth market, with a growth of NOK 35 million.

Peeled prawn, which is the largest product category, has seen a decline in value of 20 percent.

Source: Norwegian Seafood Council

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