Weekly Product Updates

W39: Shrimp Update

Fresh Coldwater Shrimp & Prawn
Market & Price Trends
Fresh Common Shrimp & Prawn
Published Oct 6, 2023

In W39 in the shrimp landscape, Ecuadorian shrimp exports reached USD 4.3 billion from Jan-23 to Jul-23, surpassing crude oil as the most significant export product. The cumulative export value was USD 17.7 billion, a 9.52% year-over-year (YoY) decrease.

Ecuadorian white shrimp exports increased by 18% YoY in Aug-23, reaching 98.6 thousand tons, mainly due to increased exports to China, the United States (US), and the European Union (EU). Shrimp exports to China increased by 8% YoY, reaching 54.6 thousand tons. Exports to the US rose by 33% YoY to 18.6 thousand tons. Lastly, shrimp exports to the EU rose 47% YoY, with nearly doubled shipments to Italy and a sharp increase in orders from Spain, Belgium, France, the United Kingdom (UK), and Greece. However, the average unit price of Ecuadorian white shrimp exports dropped to its lowest level in ten years. Despite low shrimp prices, reduced consumption has built inventories in China and elsewhere.

Moreover, Ecuador's National Chamber of Aquaculture (NCA) reports that Ecuadorian shrimp exports have seen a 23% YoY drop in average unit price to USD 4.9 per kilogram (kg) in Aug-23, the lowest since 2010. Meanwhile, frozen shrimp exports increased by 18% YoY in Aug-23, but revenue declined by 8% YoY to USD 489 million. China remains Ecuador's primary export market, with a 26% drop in average unit price to USD 4.59/kg. On the other hand, the United States (US) imported 18.5 thousand tons of frozen shrimp on Aug-23. However, the average price in the US fell by 19% YoY to USD 5.88 per kilogram, resulting in limited value growth of 7% YoY to USD 109 million.

Lastly, the Food and Agriculture Organization (FAO) warns of a global shrimp market crisis due to falling prices, causing farmers in Asia to slow production or stop it. In the first six months of 2023, Asian countries harvested moderate or below-average shrimp harvests. Global shrimp imports decreased in North America, Europe, Japan, and Australia. Shrimp imports from China increased by 46.5% YoY, while summer shrimp imports to Russia increased by 180% YoY.

Read more relevant content

By clicking “Accept Cookies,” I agree to provide cookies for statistical and personalized preference purposes. To learn more about our cookies, please read our Privacy Policy.