US Frozen Shrimp Imports Fall Below 5-Year Average

In September 2022, the monthly value of US imports of frozen shrimp (HS Code 030617) stood at its lowest level since April 2021, at $427 million. Imports fell 21% compared to September 2021 levels and were 8% below the 2016-2021 September average.

The decline in import value came on the back of decreases in both volume imported and the average import price. Import volume stood at 49 thousand mt, the lowest level since April 2022, down 17% compared to September 2021, and 6% below the 5-year average. Meanwhile, the average import price was $8.71/kg, which dropped 3% compared to August 2022, 5% compared to September 2021, and 2% compared to September's 5-year average. This was the first month in 2022 when prices stood below the 5-year average.

However, so far 2022 (January-September), the cumulative import value has reached its highest level since at least 2017, at $4.4 billion, up 5% compared to the same period in 2021 and 23% above the 5-year average. This is due to a higher average import price, at $9.16/kg, which was 9% above the same period last year. The import volume, at 477 thousand mt, fell 3% compared to Jan-Sep 2021.

It's worth noting that imports soared during H1 2022, averaging YoY growth of over 40%. Increased demand followed the loosening of pandemic-related restrictions. However, this high demand at the start of 2022 led to a glut later in the year, which explains the much lower import volume from July onward. The decline in demand is also notable in lower average import prices starting in H2 2022.

Source: Tridge and USDA

In Jan-Sep 2022, the largest import origin continued to be India, with a total value of $1.67 billion or 38% of the total. However, imports from India are down 6% compared to 2021, and its share in total imports decreased from 42% last year.

India is followed by Ecuador, from which the US imported $1.11 billion or 26% of the total. Now, import value from Ecuador is 18% above 2021 levels, gaining US market share from 23% last year to the current 26%.

The reason behind this is the lower average import price in Ecuador compared to India. In Jan-Sep 2022, the average import price from Ecuador stood at $7.62/kg, compared to $8.92/kg in India.

The other major import origins were Indonesia, with 18% of the US market share, Vietnam, with 6%, Argentina, with 3%, Mexico, with 4%, and Thailand, with 3%.

Source: Tridge and USDA