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Russian crab exporters lose millions due to coronavirus in China

Russian crab exporters lose millions due to coronavirus in China
Photo: pixabay.com

Due to lower demand for crabs in China, Russian exporters may miss a minimum of $ 80 million in revenue in the first quarter of this year. The Chinese do not go to restaurants and do not order this delicacy there because of the coronavirus epidemic.

According to RBC German Zverev, President of the All-Russian Association of Fisheries Enterprises, Entrepreneurs and Exporters (WARPE), usually the New Year holidays in China is a high season for crab, but this year because of the coronavirus everything is different - amusement parks, shopping centers and restaurants are closed, people prefer not to going out. According to him, because of this, the export price of crab has already dropped - one kg of this delicacy has fallen in price from 15-18 dollars to seven dollars.

Since supply on the international markets already exceeds demand, export for the first quarter of 2020, according to preliminary estimates of WARPE, may drop to seven to eight thousand tons, and revenue will decrease more than twice - to 60–70 million dollars. In the future, the loss of Russian fishermen may exceed $ 150 million. According to Zverev, the losses are comparable with the cost of six crab crafters that the winners of the auctions should build as part of their investment obligations.

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