Weekly Product Updates

W42: Shrimp Update

Fresh Coldwater Shrimp & Prawn
Published Oct 26, 2023

In W42 in the shrimp landscape, the global black tiger shrimp production is expected to reach 600 thousand tons in 2024, a 7% year-on-year (YoY) increase. Major producers include China and Vietnam, each yielding 150 thousand tons. In China, the combined output of black tiger and Vannamei shrimp is expected to surpass 1 million tons. India has the fastest-growing black tiger shrimp production, with an estimated 70 thousand tons in 2023. Bangladesh is also a significant black tiger shrimp producer, with production projected to reach 160 thousand tons in 2024. The shift to black tiger shrimp farming is driven by profitability, especially in South Asia.

On the other hand, Vietnam's shrimp exports are showing signs of improvement. In the past month, exports amounted to USD 322 million, an 8% YoY decrease. For nine months, Vietnam's shrimp exports reached USD 2.5 billion, with a 26% YoY decrease.

In Aug-23, the United States (US) imported 73.6 thousand tons of frozen shrimp products, a 3% YoY increase after 13 consecutive months of decline. Nine of the top 20 shrimp product suppliers experienced higher trade volumes. However, import prices remained low at an average of USD 8.14 per kilogram (kg), a decrease of 12% YoY, resulting in a monthly import volume of nearly USD 600 million, a decrease of over 10% YoY.

From Jan-23 to Aug-23, the US imported 504.8 thousand tons of shrimp products, a 13% YoY decline, with an import value of approximately USD 4.2 billion, a decrease of 24% YoY. India retained its position as the largest supplier to the US, with a trade volume reaching 30.4 thousand tons in Aug-23, a 6% YoY increase, and a trade value of USD 237 million, an 8% YoY decrease. For the first eight months of 2023, India exported 186.3 thousand tons of shrimp products to the US, a 9% YoY decrease, with an import value of around USD 1.5 billion, a 22% YoY decline.

Ecuador ranked second, exporting 18.5 thousand tons in Aug-23, an 11% YoY increase, and imports valued at USD 123 million, a 4% YoY decrease. Over the first eight months of 2023, Ecuador exported 135.9 thousand tons of white shrimp to the US, marking a 2% YoY decrease, and the export value was USD 922 million, a decline of 14% YoY.

Lastly, Indonesia's export volume declined, with 11.7 thousand tons exported to the US in Aug-23, a 3% YoY drop, and imports worth USD 97.8 million, a 14% YoY decrease. From Jan-23 to Aug-23, Indonesian shrimp exports to the US totaled about 97.5 thousand tons, reflecting a 17% YoY decrease, and import values of USD 790 million, a 30% YoY decrease.

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