Weekly Product Updates

W34: Shrimp Update

Fresh Coldwater Shrimp & Prawn
Market & Price Trends
Fresh Common Shrimp & Prawn
Published Sep 1, 2023

In W34 in the shrimp landscape, the Ministry of Commerce of India reported a 3% decrease in the export volume of Indian shrimp products in the first half of 2023, with a value of USD 2.27 billion. This represents a 16% year-over-year (YoY) decrease in value, with an average export price of USD 7 per kilogram (kg). Major markets like the United States (US) and China are also experiencing declines in shrimp export volume. The US had a trade volume of 129.8 thousand tons in the first half of 2023, a 20% YoY decrease. In Jun-23, the export volume improved, but the export value decreased by 8% YoY, and the price fell by 13% YoY to USD 7.91/kg. India exported 64.8 thousand tons of frozen shrimp to China, a 6% YoY decline. In the Japanese market, the sales volume increased by 13% YoY, and the shrimp price fell by 7% YoY to USD 7.79/kg.

Bangladeshi shrimp prices have dropped by 24% in 2023 on international markets due to the Russia-Ukraine war. Exporters argue that the global economic recession has decreased demand for shrimp, leading to a decrease in export volume and income. Various factors, such as supply shortages, limited product varieties, and challenges in market expansion, have contributed to this decline. In 2023, Bangladesh generated USD 300.2 million from frozen shrimp exports. The Bangladesh Frozen Foods Exporters Association (BFFEA) has highlighted concerns regarding the production and export earnings. Currently, shrimp farming is conducted using traditional methods, with a production of 300 to 400 kg per hectare (ha), which is the lowest in the world.

In Jul-23, Vietnam's shrimp exports reached over USD 320 million, a 16% YoY drop. In the first seven months of 2023, shrimp exports reached USD 1.9 billion, a 30% YoY decrease. Processed Vannamei shrimp and black tiger shrimp products experienced a sharp decline in export value, while canned and dried shrimp saw an increase. Vietnamese shrimp exports to large markets like Japan, the European Union (EU), Korea, the United Kingdom (UK), and Australia decreased by 15% to 46%, while small markets like Singapore, Taiwan, and Switzerland saw growth from 18% to 63%. Vietnam Association of Seafood Exporters and Producers (VASEP) believes that the highlight of Jul-23 was the positive growth in shrimp export turnover to the US and China.

Despite a 29% decline in Vietnamese shrimp exports to Japan during the first half of 2023 compared to the same period in 2022, Vietnam continues to maintain its dominant position as the largest shrimp exporter to the Japanese market. Among the three main Japanese shrimp product groups exported to Japan, whiteleg shrimp accounts for 63.5%; Black tiger shrimp accounts for 17.9%; the rest is other shrimp with 18.6%.

Lastly, Ecuadorian shrimp exporting companies attended the 17th World Seafood Shanghai International Fair with the goal of relaunching their products in the Chinese market and strengthening their market position. China purchased 54% of Ecuador's shrimp from Jan-22 to Jun-22, increasing its acquisition from USD 1.6 billion in 2022 to over USD 1.9 thousand billion in 2023. The growth in the sales volume was significant, reaching 40%. However, the shrimp sector faces a decline in international prices, slowing down foreign currency income. 

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