In W43 in the shrimp landscape, Ecuador's farmed shrimp exports reached 910 thousand metric tons (mt) in the first nine months of 2023, a 15% year-on-year (YoY) increase. This surge underscores Ecuador's position as the world's top shrimp producer. Despite the rise in Ecuadorian white shrimp exports, the average price for shipments declined by 18% YoY during the period. This price drop was primarily due to weakened demand in the European Union (EU) and the United States (US).
Ecuador's shrimp exports to China rebounded with a 26% YoY increase, reaching 550 thousand mt from Jan-23 to Sep-23, after the impact of the COVID-19 pandemic. While Ecuador initially aimed to diversify its market base and reduce dependence on China, strong Chinese demand persisted. China accounted for 60% of Ecuador's shrimp exports in the first three quarters of 2023, a decrease of 2% compared to the previous year. Shrimp exports to the US market saw a 4% YoY increase to over 152.86 thousand mt in the Jan-23 to Sep-23 period. However, high frozen shrimp stocks and reduced consumer demand led to a notable decline in US shrimp imports in H1-2023. Europe, which favors shell-on shrimp, witnessed declining orders from France but Ecuador still experienced a 9% YoY increase in shipments to EU countries, totaling over 156.94 thousand mt in the first nine months of 2023.
Global export value from Ecuador's white shrimp industry experienced a notable 13% month-on-month (MoM) increase in Sep-23 to USD 287.77 million. This growth was observed in shipments to key markets such as China, the US, and Europe. Nevertheless, the global shrimp industry has been grappling with a price collapse due to increased supply from Ecuador and subdued international demand, leading to approximately 80% of products being sold below cost.
According to the Association of Seafood Exporters and Producers (VASEP), Vietnam's shrimp exports reached nearly USD 2.6 billion in the first nine months of 2023. In Sep-23, Vietnam's shrimp exports showed positive signals from several markets, with growth rates ranging from 1% MoM to 54% MoM in countries like the US, Australia, Canada, Belgium, and Taiwan. Conversely, major markets such as the EU, Japan, and South Korea experienced negative growth, although the declines were less severe than in previous months. Shrimp exports to China and Hong Kong, which had been trending upwards from Jun-23 to Aug-23, decreased by 13% MoM in Sep-23, amounting to USD 61 million. Over the nine-month period, shrimp exports to China and Hong Kong reached USD 454 million, a 6% YoY decrease.
Whiteleg shrimp, constituting 74% of Vietnam’s shipments, had an export value of USD 1.9 billion from Jan-23 to Sep-23, a 26% YoY decline. Black tiger shrimp exports totaled USD 356 million, accounting for 14% of the total shipments and decreasing by 23% YoY. Other shrimp varieties contributed USD 298 million in the first three quarters of 2023, a 28% YoY decrease, while other canned shrimp and other dried shrimp saw YoY increases of 20% and 57%, respectively.
Lastly, Bac Lieu province in Vietnam has set ambitious goals for its shrimp exports, aiming to surpass USD 1 billion by the end of 2023, USD 1.3 billion by 2025, and USD 1.7 billion by 2030. Shrimp exports reached over USD 676 million in the first nine months of 2023, a 7.19% YoY increase. Frozen shrimp exports contributed around USD 659 million over the period, a 7.22% YoY growth. The province is home to 48 state-of-the-art aquatic product processing facilities, boasting an average annual output of 294 thousand mt that meet stringent global market standards. As Bac Lieu province seeks to expand its exports to the EU market, the focus will be on producing organic and sustainable products, implementing effective sales and payment methods, and leveraging the benefits of the Vietnam-EU Free Trade Agreement to enhance competitiveness.