수산물 insights

Core insight: In the crab trade of 2025, a long-brewing change has finally become clear—the global consumption landscape of king crab and snow crab is being reshaped by the United States and China. The United States has become the final destination for frozen crabs, while China has taken over the live crab market. Japan, once a giant in seafood consumption, has already lost its dominance in crab imports.

Core tip: In mid-November 2025, a significant announcement emerged from the Argentine squid industry—the Argentine Squid Fishing Ship Owners Association (CAPA) has officially submitted an application to the Federal Fisheries Commission, proposing to advance the start of the 2026 squid fishing season in waters south of latitude 44°S to January 6. If this proposal is approved, Argentina will become the first major squid-producing country globally to commence fishing at the beginning of the new year, which will inevitably have a direct impact on global market price trends.

However, suppliers from Canada and the United States are not able to achieve corresponding benefits in the Chinese market; instead, lobsters from other countries are eating into the market share of Canadian lobsters. In the first nine months, China imported 13,677 tons of Canadian lobsters, a year-on-year decrease of 39%; the import value decreased by 38% year-on-year to 328 million U.S. dollars. In March of this year, China imposed an additional 25% tariff on Canadian seafood in response to Canada's imposition of tariffs on Chinese electric vehicles, steel, and aluminum products in October 2024. Currently, the tariff on Canadian lobsters is 32%, including a 7% most-favored-nation rate and a 25% retaliatory tariff, plus an additional 9% value-added tax. Geoff Irvine, Executive Director of the Canadian Lobster Association, said in an interview with UCN, "The Canadian industry finds it difficult to maintain competitiveness in the Chinese market. At the Qingdao Fisheries Expo, I noticed that lobsters from other countries have already occupied most of the Chinese market." "If it weren't for the competitive disadvantage, I believe the prices of American and Canadian lobsters would be comparable. This industry is competitive, and demand is stable. But we cannot compete with lobsters from Vietnam and the Caribbean. Russian king crabs are also taking a portion of the Canadian lobster market," Irvine said. Affected by the tariffs, demand for Canadian lobsters in the Chinese market has significantly decreased, and exporters' quotations have fallen to a two-year low in recent months. American lobsters are also facing many problems. In the first three quarters, China imported 4,838 tons of American lobsters, a year-on-year decrease of 10%, with an import value of 122 million U.S. dollars, a year-on-year decline of 19%; American lobster exports to China have been declining for three consecutive years. Currently, the cumulative tariff on American lobsters is 17%, including a 7% most-favored-nation rate and a 10% retaliatory tariff. American lobsters also face competition from other countries. Julian Klenda, CEO of Maine Lobster Now, told the South China Morning Post that the American industry has shifted its focus to the domestic market to cope with the uncertainty of exports. Considering the vast size of the Chinese market, strategic pricing, careful management, and maintaining stable export partnerships are crucial. In the Chinese lobster market, Vietnam and Australia are the biggest winners. In the first three quarters of this year, China imported 17,365 tons of Vietnamese lobsters, far exceeding the 6,067 tons in the same period last year, with a value of 556 million U.S. dollars. Australia exported 5,529 tons of rock lobsters to China, with a value of 296 million U.S. dollars.