King crab prices skyrocket as supply dries up

By Thi Ha   May 10, 2023 | 06:48 am PT
King crab prices skyrocket as supply dries up
A king crab sold at a seafood store in HCMC. Photo by VnExpress/Linh Dan
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, told VnExpress 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.

Benjamin Daly, a researcher in Alaska, 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.

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