EP 646 | AIRED 06/26/2023
2023 Snow Crab Update: 2022 Stock Sold-out, Exports Surge, Purchases Up, Shorter New Supply
June 26th, 2023 - Despite excessive carryover inventory and a 6-week delayed start to Canada’s largest Snow Crab fishery - 2022 Snow Crab inventories are now said to be sold out.
Demand for the highly sought-after 8-10oz size is increasing, edging prices upward.
The 2023 Snow Crab season was anticipated to yield one of the highest global harvests in recent years.
However, due to the prolonged stalemate in price negotiations in the Newfoundland and Labrador fishery, up to 30,000 metric tonnes (or 66 million pounds) of Snow Crab may be left untapped in the ocean.
In a media release, Fish Food & Allied Workers expressed skepticism, stating that even with potential season extensions granted by Fisheries and Oceans Canada, it is increasingly unlikely that the entire quota will be landed with only a few weeks left in the Newfoundland and Labrador fishery.
Consequently, the new season supply is already considered limited.
On the export front, Canada's shipments of live and frozen crab to China, the USA, and Japan have all experienced significant increases compared to the same period last year.
Specifically, for January to April, Canada's exports of Snow Crab to China and the USA have surged in volume by over 133 percent and 72 percent, respectively.
Meanwhile, Russia has exported 133 percent more live and frozen crab to China than last year.
Russia's total allowable catch remains slightly higher than the previous year, and there are no indications that they won't fully harvest their fishing limit once again.
Consumers in the USA and Asia are buying Snow Crab.
Snow Crab purchases in the USA are up, and keep going up.
Our recommendation is to consider securing some inventory as demand shows signs of resurgence while supply may be shorter than last year.
Contact your Tradex Foods representative today to secure Snow Crab.
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