Vietnam surpassed China as the largest supplier of red swimming crab to the USA

The wide price gap between U.S. blue swimming crab ((BSC) and red swimming crab (RSC) usually means that blue swimming crab prices are about to slip while red swimming crab prices are about to climb.

But Troy Turkin, chief operating officer of Supreme Crab & Seafood, a U.S. crab importer, expects blue pike prices to remain stable while red pike prices will rise. That's because the season in Vietnam, one of the two largest sources of red swimming crab in the U.S., is basically over, and the season in China, the other major source, doesn't start until August. So there won't be a lot of red swimming crab imported into the U.S. in the near future, but based on the prices I'm getting and the demand in the U.S. market, expect prices to go up again."

Urner Barry (UB) recently announced an average wholesale price of $33.00- $33.75/lb for jumbo blue swimming crab meat from Southeast Asia and $19.50- $20.25/lb for jumbo red swimming crab meat. The price of red swimming crab has remained virtually unchanged since last December. The price difference between the two commodities averaged $13.63, which is 68% higher than the $8.13 nearly a year ago.

Imports declining

According to the latest seafood trade data from the National Oceanic and Atmospheric Administration (NOAA), the U.S. imported 26,117 tons of pike crabs in 2023, with a total value of $600.8 million. The volume of imports decreased by 5% and the value of imports decreased by 22% from 2022.

One of the challenges facing pike crab imports in 2023 is rising shipping costs, due in part to problems with the Suez and Panama Canals and the Red Sea.

Vietnam overtakes China for second time

Traditionally China has been the largest source country of red swimming crab for the United States, but 2023 breaks that tradition, trade data from the National Oceanic and Atmospheric Administration (NOAA) show. For the second time in 2023, the U.S. is more reliant on Vietnam as a source country for it, from which the U.S. imported 2,803 metric tons of red swimming crabs valued at $57.4 million last year, an increase of 7 percent from 2022 and a decrease of 5 percent in value.

In contrast, China supplied the United States with 2,421 tons of red swimming crab valued at $36.2 million in 2023, a 15% decrease in exports from 2022 and a 34% decrease in value.

One potential factor contributing to this change could be that China is being asked to impose a hefty 25 percent tariff.U.S. importers are forced to pay $9 million in tariffs on red swimmingcrabs from China in 2023, up from $13.5 million in 2022.