Photo: Stockfile/FIS

Trends in US Shrimp Imports from Major Suppliers

UNITED STATES
Monday, November 04, 2024, 00:10 (GMT + 9)

Data from Trademap reveals that India has maintained its position as the largest shrimp supplier to the US over recent years.

Between 2020 and 2023, Indian shrimp exports peaked in 2021 at $3.2 billion, as reported by Kim Thu, a Shrimp Market Expert at the Vietnam Association of Seafood Exporters and Producers (VASEP).

Ecuador has shown significant growth, climbing from the third-largest shrimp supplier to the US in 2020 to the second position by 2023. Over this period, Ecuadorian shrimp exports to the US increased steadily, with volumes rising from 126,000 tons in 2020 to 206,000 tons in 2023. The export value also grew consistently from 2020 to 2022.

Photo: VNA

Indonesia experienced continuous growth in shrimp export value to the US from 2020 to 2022. However, by 2023, it ceded its second-place ranking to Ecuador.

Vietnam’s shrimp exports to the US have seen a continuous decline following a peak of $1 billion in 2021.

During the first eight months of 2024, Ecuador exported 817,954 tons of shrimp worth $4 billion, reflecting a modest 2% increase in volume but a 6% decline in value compared to the same period in 2023. China remained Ecuador’s leading import market. In August, shrimp exports to the US reached 17,250 tons, valued at $110 million. This performance was marked by an 8% increase in average export price per kilogram, which compensated for a 7% decline in export volume.

Ecuador's shrimp exports to the US, which showed strong growth early in the year, faced a slight dip in August. This decrease was partially attributed to preliminary anti-dumping and anti-subsidy tariffs imposed by the US.

Ecuador's shrimp sector is currently navigating an energy crisis, driven by its reliance on hydropower and insufficient rainfall. This power shortage, expected to persist until December, may impact shrimp production and exports in 2025.

Photo: Vietnam Fisheries Magazine

India’s shrimp exports fell by 18% in August 2024, possibly due to slower seeding affected by adverse weather conditions. The August downturn was particularly pronounced in key markets: exports to China dropped by 49%, Vietnam by 65%, Russia by 31%, the UK by 24%, and Japan by 9%. Exports to the US remained stable with a slight 1% decrease, while exports to the EU rose by 9%, potentially due to limited raw shrimp supply.

India's total shrimp exports for the first eight months of 2024 were similar to the same period in 2023. While the second half of 2023 saw unexpectedly high exports, forecasts for 2024 suggest a downturn in the third quarter due to delayed stocking and unfavorable weather, likely resulting in lower annual export figures compared to 2023.

According to Vietnam Customs, Vietnam’s shrimp exports to the US reached $566 million in the first nine months of 2024, marking a 9% increase over the same period in 2023. The average price for shrimp imported from Vietnam rose from $4.59 per pound in July 2024 to $4.95 per pound in August 2024.

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