King crab prices skyrocket as supply dries up
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King crabs have risen to their highest prices ever of VND2.5-3 million (US$106-128) a kilogram, following a 30% increase since the end of last year.
Loan of HCMC’s District 5 tried to buy a king crab for her son’s birthday last week, but was shocked when she discovered the price.
“It was VND1.9 million a kilogram at the end of last year, but now every seafood store sells it at VND2.5 million.”
In Hanoi, red king crabs weighing two to five kilograms now cost VND3 million a kilogram, or VND6-15 million per crab, the highest price ever.
Tran Van Truong, CEO of Hoang Gia Seafood, said that supply from the U.S. and Canada is scarce, causing prices to spike in Vietnam.
“Though we are the official importer, we are getting very few crabs now.”
Not only king crab, but also snow crab and Alaskan lobster prices are higher now due to low supply.
Some coastal areas in Alaska State in the U.S. had to cancel the crab-catching season because outputs were getting lower.
A researcher in Alaska, Benjamin Daly said on U.S. cable TV channel CNN that snow and king crab catches are plummeting because they are on the verge of extinction due to excessive fishing.
The Alaskan Fishery Council and the North Pacific Fishery Management Council recently announced that the snow crab population in the Bering Sea has fallen below the threshold for fishing.
The Bristol Bay red king crab harvest will also be canceled for a second year.
Questions & Answers
Q.Which specific areas have experienced crab-catching season cancellations recently?
Which specific areas have experienced crab-catching season cancellations recently?
Some coastal areas in Alaska State in the U.S. Had to cancel their crab-catching seasons due to lower outputs. The Bristol Bay red king crab harvest will also be cancelled for a second consecutive year.
Q.What is the primary reason for the increased prices of king crab and other seafood?
What is the primary reason for the increased prices of king crab and other seafood?
The main reason for the increased prices is scarce supply from the U.S. And Canada. Low outputs and plummeting catches, partly due to excessive fishing, have significantly reduced available stock.
Q.Beyond king crab, which other seafood products have seen price increases?
Beyond king crab, which other seafood products have seen price increases?
Not only king crab, but also snow crab and Alaskan lobster prices are currently higher. This is also attributed to the low supply affecting various seafood types from the same regions.
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