The U.S. shrimp import market fell sharply in October despite the holiday season approaching, which seafood producers hope will at least partly bail it out. It is reported by Undercurrent News.
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US importers imported 69,767 tons of shrimp, valued at $633.99 million, up from 85,478 tons, valued at $808.2 million in October 2021, according to the latest released seafood trade data from the National Oceanic and Atmospheric Administration (NOAA). This marked the third consecutive month of cuts. The U.S. is now approaching ending the year with shrimp imports down 2% from 2021, although overall sales appear to pick up slightly. The US imported 715,711 tons of shrimp worth $6.7 billion between January and October, compared with 729,667 tons worth $6.4 billion imported in the first 10 months of 2021, according to NOAA. James Galkin, CEO and founder of Siam Canadian Group, a leading shrimp exporter, told Undercurrent News he sees several variables in the trend. “The US is still full of stocks. Foodservice sales are slow. Retail sales are slow. Importers slowed down sharply. Retailers have slowed down. Inventory must be processed before business returns to normal, and inventory is ...
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