Ecuadorian shrimp exports in the United States and Europe accumulate losses

Published Aug 15, 2023

Tridge summary

Ecuadorian shrimp exports to the United States and Europe have been less profitable due to lower consumption and falling prices. In the US, the pounds sent fell by 3%, resulting in a 15% decrease in income for Ecuadorian merchants. In Europe, the fall in dollars was 14% despite a 1% increase in pounds, largely due to the low prices of shrimp and reduced purchases by consumers facing higher energy and fuel bills.

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Original content

The United States and Europe are important markets for Ecuadorian shrimp after China (which is the main buyer), but it was not so profitable to sell to these markets until the first half of the year. Only in the North American country, the pounds sent fell by 3%, but that meant that in dollars, the Ecuadorian merchant had to receive up to 15% less in income. This is reflected in the figures of the National Chamber of Aquaculture (CNA), which attributes this to lower consumption and falling prices. “In the case of the United States, it was affected by inflation and the authorities decided to raise interest rates. By making the cost of money more expensive, citizens limit themselves to spending and looking to save, so as the economy cooled, among other products, shrimp consumption dropped. Stocks do not rotate at the same speed as before,” José Antonio Camposano, president of CNA, explained to Diario EXPRESO. In the case of Europe, the fall in dollars was 14%, despite the fact that ...

Source: Expreso