Coonstripe Shrimp (Pandalus hypsinotus), a large friend that is found in the Far East of the Russian Federation, Alaska, and in Canada on the West Coa

China was named a promising country for increasing Russian shrimp exports

RUSSIAN FEDERATION
Tuesday, June 25, 2024, 01:00 (GMT + 9)

The country is promising for increasing supplies of this product from the Russian Federation, according to a review by the Federal Center for the Development of Exports of Agro-Industrial Products of the Russian Ministry of Agriculture.

“The growth in demand for shrimp in China in recent years is driven primarily by its positioning as a healthy, nutritious product and is met both through significant domestic production and increased imports,” the review says.

Over the past 20 years, consumption of fish and seafood, including shrimp, in China has more than doubled. Per capita consumption of shrimp grew at an average annual rate of 6.2% from 2018 to 2022, reaching 3 kg per person per year in 2022. China's needs are almost entirely met by growing domestic production.

Very little of this shrimp is officially supplied to the Russian Federation, since it is not very profitable - such shrimp is sold for export at a price of 20 dollars per kg.

At the same time, the country still purchases impressive volumes of this product on world markets. At the end of 2023, China imported 1.1 million tons of frozen shrimp worth $5.9 billion. This is 11.7% more than a year earlier.

Ecuador remains the absolute leader in the volume of supplies of these products to China. Last year, the country sent $3.5 billion worth of products to China. India, Thailand and Argentina are also among the largest suppliers.

Russia also supplies shrimp to China. However, the country ranks only seventh in terms of supply volumes. At the end of 2023, Russia imported about 5 thousand tons of shrimp to China worth $122 million.

Northern shrimp is produced in two forms: boiled-frozen and raw-frozen.

Russian shrimp is considered a premium product in foreign markets. This also determines the high price of these products. Last year, Russian shrimp was sold at the highest price in the world - 21.6 thousand dollars per ton. This is 3.9 times higher than the average world price for this product. “Unlike warm-water aquaculture shrimp from Thailand, Vietnam and Ecuador, products from Russia have a richer taste and larger size,” the review says. 

Russia has the potential to increase the volume of frozen shrimp supplies to China to $100 million by 2030. The country's main competitors in the Chinese market are northern shrimp producers from Canada and Denmark. 

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