[Asia Economy Reporter Seungjin Lee] E-Mart has introduced king crabs at about half price.
E-Mart is offering Russian Blue King Crab at 4,980 KRW per 100g for one week until the 19th. Compared to E-Mart's average king crab selling price of 8,980 KRW per 100g in February last year, this is about half the price.
The significant drop in king crab prices is largely due to the impact of COVID-19. Generally, Russian king crabs are exported by land to China, the largest importer, but the spread of COVID-19 led to restrictions on movement within China, blocking the export route.
In particular, king crabs must be transported alive before freshness deteriorates, and with the export route to China blocked, the supply was redirected to Korea, which has high demand and is the next closest country after China. According to the UN Food and Agriculture Organization (FAO), about 200 tons of king crab that could not enter China in the first week of February entered Korea, causing an overall price decline.
In response, E-Mart secured a total of 20 tons of king crab for this event, carefully selecting only products weighing 1.8 kg or more, known as the golden size, with firm meat, and delivering them from the production area in the freshest condition using live (活) logistics.
Notably, the price of this king crab is even cheaper than that of ‘live flower crab’ (활 꽃게), attracting attention. From the 24th of last month to the 12th, the average auction price for live female flower crabs at Noryangjin Fish Market was 52,300 KRW per kg, which was higher than E-Mart’s king crab selling price.
Generally, although king crabs and flower crabs are both crustaceans, the price difference was so large that they were not comparable, but the king crab market price has dropped significantly, reversing the prices of these two crustaceans.
In fact, the average auction price for all grades of king crab at Noryangjin Fish Market from the 3rd to the 8th was around 49,000 KRW per kg. This is about 20% lower than the 62,000 KRW average price in the fourth week of January (20th?25th). Compared to the same period last year when the price was 70,500 KRW, it has fallen by more than 30%.
Kim Sangmin, E-Mart’s crustacean buyer, said, “Ships carrying Russian king crabs that were supposed to enter China have come into Korea, greatly increasing domestic imports. E-Mart secured a large quantity of 20 tons for this event, so customers will be able to enjoy one of the finest seafood products, king crab, at an affordable price.”
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