Crab meat prices in Vietnam have dropped by nearly half as traders at the northern border gates with China limit purchases over export difficulties.
The export of goods through border gates in the northern province of Lang Son has remained sluggish with many trucks having to turn around because of long customs clearance time after China tightened regulations over what it says are Covid-19 concerns.
With China being a major buyer, the current situation has caused seafood prices in Vietnam to fall sharply.
Bui Chi Lam, a crab-raising household in the southern province of Ca Mau, said that the selling price of top-tier crabs at the farm was just VND600,000 ($26.28) per kg , down 50 percent compared to the Lunar New Year season early this month. He has noticed a drastic fall in the number of traders looking to buy seafood.
“Normally, when supply decreases, prices will increase. But the impact of border gate closures has caused crab prices to plummet,” Lam said, adding that crab farmers are forced to rely exclusively on domestic consumption.
The price of regular crab meat at the farm is just VND300,000 per kg.
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