Ecuadorian Shrimp Exports Reach Record-High in Value and Volume in H1 2022

Frozen Common Shrimp & Prawn

Ecuador

Published Jul 28, 2022

Ecuadorian shrimp export volume recorded was 510 thousand mt, up 33% compared to the same period last year, while value totaled $3.29 billion, up by 58% YoY. China remained the largest Ecuadorian shrimp export destination in H1 2022, with a trade volume of 269 thousand mt and a trade value of $1.67 billion. It's expected that Chinese demand for Ecuadorian shrimp will continue to increase in H2 2022, but there are some bearish factors to consider.

Ecuadorian shrimp exports during the first six months of 2022 reached their highest level in both volume and value.

Volume recorded was 510 thousand mt, up 33% compared to the same period last year, while value totaled $3.29 billion, up by 58% YoY. Value grew at a faster pace than volume due to much higher average prices recorded in H1 2022. The average price during the first six months of 2022 was $6.45/kg, up by 20% compared to a year before ($5.38/kg).

China remained the largest Ecuadorian shrimp export destination in H1 2022, with a trade volume of 269 thousand mt and a trade value of $1.67 billion. Value more-than-doubled from H1 2021 (+101% YoY) while volume grew 69% YoY. The average export price to China was recorded at $6.21/kg, up by 18% YoY. In trade value, China represented 51% of all shrimp exports from Ecuador during H1 2022, up from 40% in the same period last year. Tridge representative in China, Gerald Zhang, mentioned that general expectations are that Chinese demand for Ecuadorian shrimp will continue to increase in H2 2022.

Following China was the US, to which exports in volume totaled 99 thousand mt and $0.7 billion in value. Volume rose 7% YoY while value rose 34% YoY, as the average export price, at $7.12/kg, rose 25% YoY. In terms of value, the US now represents 21% of total Ecuadorian shrimp exports, down from 25% in the same period in 2021. The decline in share is explained by much faster growth in exports to China.

The third largest destination was Spain, to which exports totaled 31 thousand mt in volume and $0.19 billion in value, up 36% YoY and 61% YoY, respectively. Other major destinations included Italy, France, Vietnam, South Korea, Russia, UAE and the UK.

Source: Tridge and National Aquaculture Chamber, Ecuador

All in all, Ecuadorian shrimp exports are expected to remain strong in H2 2022, as demand from the major trade partner for this product, China, is expected to keep increasing. However, it's worth noting that prices have been declining in recent months, after peaking at a record high of $6.89/kg in October 2021. In June 2022, export prices averaged $6.30/kg, which was the lowest level since July 2022. The decline in prices coincides with a generalized decline in logistical costs worldwide, but generalized inflation on consumers is also another bearish factor to consider, as a lower income in real terms is already hampering demand for some food products.