W22: Shrimp Update

In W22 in the shrimp landscape, it was reported that the global shrimp market was estimated at USD 46.94 billion in 2022. This market is stable and dynamically developing, with a growth of 6.72% per year in the next five years, making shrimp the main driver of the seafood market. Ecuador exported more than 90KMT of shrimp in April 2023, which marks the fourth consecutive month that Ecuador has achieved exports exceeding 90KT. Mexico's 2023 Annual Certification has confirmed the continued export of Mexican shrimp to the US market, which is a positive outcome. This certification holds significant benefits for over 107K fishermen, upon whom the livelihoods of more than 430K Mexican families depend. The Mexican government has introduced an "Emerging Action Plan" and a Training and Awareness Plan to promote the conservation and protection of marine species. US government officials conducted a verification visit, rating it at 94, including a visit to El Verde Camacho beach. This certification ensures the sustainability of Mexican shrimp for another year, following its recovery since October 2021. The start of brown shrimp season in Louisiana has seen hundreds of longtime shrimpers rally at the Louisiana State Capitol to tell lawmakers that the industry is in dire straits. The president of the Louisiana Shrimpers Association told the crowd that their industry is in dire straits and people are going into the hole to make a living. He held up handmade signs urging lawmakers to act, with one shrimper holding a graph detailing the falling prices, another stressing "Family Tradition" while saying "no" to imports, and one sign simply reading "We're dying". According to the CEO and founder of urban farming startup Atarraya, the company will launch an e-commerce website. This platform aims to offer consumers locally sourced and sustainable shrimp from Atarraya's facility in Indianapolis. Additionally, the company is seeking partnerships to achieve its ambitious target of operating 400 Shrimpboxes across the United States by the end of 2024, as revealed to FoodNavigator-USA. The US International Trade Commission (ITC) has recently voted to uphold the Antidumping Orders on imported shrimp from China, India, Thailand, and Vietnam. This decision was made recognizing the significance of the US shrimp industry to the country's social, cultural, and economic landscape. The American Shrimp Processors Association (ASPA) has been a steadfast advocate for these orders over the past 15 years, firmly believing that trade relief is essential for the industry's survival.

The Governor of Bengkulu, Indonesia has revealed that South Korean investors have shown keen interest in investing in the shrimp farming industry within the province. The Investment and One-Stop Integrated Service Office (DPMPTSP) of Bengkulu has reported that between January and October 2022, investment realization in Bengkulu amounted to USD 415M (IDR 6.2T), achieving 75% of the target set for 2022. Notably, foreign investment in Bengkulu primarily originates from countries such as Malaysia, Hong Kong, Japan, China, and Singapore. A shrimp company in the Philippines aims to revitalize the shrimp industry by significantly increasing its production to reach an annual target of 50KMT. This initiative is expected to contribute to the revival of the shrimp industry in the Asian country. Following the completion of their third five-year sunset review, the US International Trade Commission (ITC) has unanimously voted to maintain anti-dumping duty orders on imported shrimp from China, India, Thailand, and Vietnam. It was reported that the ex-farm prices for head-on, shell-on Vannamei shrimp in Thailand, witnessed a notable decline across various sizes during W21.