Supplies of king crab in the United States of America will be extremely tight in the coming months, mainly due to two causes: the red king crab fishery in the Bering Sea is suspended for two years, and imports from the Russian Federation are banned. Supplies of snow crab, on the other hand, look good, with Canada being the biggest supplier by far.

Supplies

Supplies of red king crab on the US market are going to be very tight in the coming months. Once the Russian carry-over supplies are gone, supplies of king crab in the United States of America will probably be down by an astounding 80 percent this year compared to 2021 and 2022. In 2021, the United States of America imported some 8 486 tonnes of red king crab (Paralithodes camtschaticus) from the Russian Federation. In March 2022, the US administration banned imports from the Russian Federation.

The king crab resource in the Bering Sea may be improving, and on 6 October the North Pacific Fishery Management Council (NPFMC) announced that the fishery would be opened again, and that this year’s TAC would be set at 2.15 million pounds (975 tonnes). Harvesters would be allowed to set their traps on 15 October. While this is good news, the amount is not enough to fill the gap between demand and supply.

The southeast Alaska red and blue king crab fishery, on the other hand, will remain closed for the 2023/24 season. Alaska’s golden king crab 2023/24 season started on 1 August, with a TAC of 5.5 million pounds (2 495 tonnes). While this will help somewhat on the supply situation, it is not nearly enough to make up for the loss of red king crab.

The Barents Sea king crab TAC for 2023 is 12 690 tonnes, but this is difficult to deliver live to the Chinese market. Norway is also fishing king crab in the Barents Sea, although much smaller volumes than Russian vessels. During the first half of 2023, Norway exported 639 tonnes of live king crab and 274 tonnes of frozen king crab. Most of this went to the United States of America.

The Russian Federation opened its red king crab fishery in September with a quota of 15 770 tonnes. However, none of this will find its way to the North American market, at least not directly. This fishery targets the Chinese and Korean markets.

The situation in Canada is brighter. The Newfoundland and Labrador snow crab fishery ended on 31 August, and the Canadian Department of Fisheries and Oceans (DFO) registered total landings of 51 617 tonnes, or 95 percent of the adjusted total allowable catch (TAC) of 54 305 tonnes. The fishery was scheduled to end on 31 July, but the closing date was extended by one month.

Canada’s second largest snow crab fishery in the Gulf of Saint Lawrence was closed on 30 June, and a total catch of 35 194 tonnes, or 101 percent of the TAC, was registered. 

Reports from Alaska indicate that the Dungeness crab fishery is performing well. Previously, this fishery has been overshadowed by the king crab fishery, but the situation is changing. Back in 2004, harvesters caught 12.5 million pounds (5 700 tonnes) of red king crab worth USD 105 million in the Bering Sea, but only 3.2 million pounds (1 451 tonnes) worth USD 11 million of Dungeness crab. In 2021, the Alaska red king crab fishery was closed, while harvesters caught 4.9 million pounds (2 223 tonnes) of Dungeness crab worth USD 69 million. In 2023, it looks like there will be an increase in landings of Dungeness crab.

Markets

The US ban on imports of seafood from the Russian Federation is benefitting Norway. Demand for Norwegian crab on the US market is increasing as Russian crab is unavailable on the US market. However, Norwegian supplies are low, and not nearly enough to replace the amount which have in the past been imported from Russian traders.

The strong US demand has also benefitted Canadian exporters of snow crab. During the first seven months of 2023, the United States of America imported 44 027 tonnes of snow crab from Canada, up from 39 090 tonnes during the same period in 2022. This opening was fortunate for the Canadian snow crab industry, as demand going into the season was weak and as much as 4 535 tonnes from the 2022 season were still in cold storage. With strong sales in the United States of America, along with good demand in China and Japan, the Canadian snow crab sector looks better than earlier expected.

Snow crab prices have been low for a while, but in June they showed signs of rising again. Larger size snow crab is still in short supply in the Newfoundland and Labrador region, pushing prices for these sizes further up.

International trade

Global crab imports (all species) continued to increase during the first half of 2023. Total imports increased by 9.4 percent, from 201 099 tonnes in 2022 to 219 906 tonnes in 2023. The largest importer was the United States of America, but US imports fell by 13.6 percent. The second largest importer, China, had a 42.8 percent increase, while number three on the list, the Republic of Korea, imported 14.5 percent more than during the first half of 2022. Japan also registered a strong increase: + 22.2 percent to 14 031 tonnes.

The United States of America imported a total of 35 441 tonnes of snow crab (Chionoecetes opilio) worth USD 459.2 million during the first half of 2023. This was a 24 percent increase by volume, but a decline of 38 percent in terms of value. Canada was the largest supplier of snow crab, accounting for 31 480 tonnes (89 percent of the total). US imports of snow crab usually peaks in the months of May and June each year, and then tapers off in July and August.

Russian exports of crab during the first half of 2023 increased slightly by 4.8 percent to 38 344 tonnes. The largest market was China, which imported 18 503 tonnes, more than double the amount imported during the same period in 2022. The Republic of Korea also registered growing imports from the Russian Federation: up 28.5 percent to 11 654 tonnes.

Demand for king crab and snow crab in China is growing fast, and imports are setting new records. During the first half of 2023, Chinese imports of live king and snow crab increased to 13 149 tonnes worth USD 454.8 million, an increase of 64 percent by volume and 48 percent by value compared to the same period in 2022.

Outlook

It looks like supplies of king crab will be tight in the coming year, at least in North America. The Bering Sea red king crab fishery is re-opened, but the TAC is rather modest, and no supplies from the Russian Federation are allowed.

The situation for snow crab is different. Landings are good, and prices seem to be on the way up. Most markets seem to accept to replace king crab with snow crab.

Demand for both king crab and snow crab is strong and growing in China. More trade is therefore expected to be directed to that country. Higher prices may be expected in the coming year.