Countries like Saudi Arabia and Argentina saw steep declines of 21% and 50% in value, respectively

China's Shrimp Imports in 2024 Unlikely to Reach Last Year's 1 Million-Ton Milestone

CHINA
Friday, October 04, 2024, 00:10 (GMT + 9)

China's shrimp imports in the first eight months of 2024 totaled 610,249 tons, valued at $2.95 billion—representing a 10% drop in volume and a 21% drop in value compared to the same period in 2023, according to China Customs data.

Ecuador, China’s largest shrimp supplier, experienced a 20% decrease in export value to $2.04 billion, though it still supplied nearly 70% of China's total shrimp imports. Ecuador shipped 451,366 tons, marking a 7% year-on-year decrease in volume.

India solidified its position as the second-largest supplier, exporting 94,781 tons of shrimp worth $485 million, with a 9% volume increase despite a 9% drop in average prices, down to $5.12 per kilogram.

Thailand, the third-largest supplier, faced challenges, with shrimp imports falling by 18% in volume and 22% in value. Only 14,331 tons, worth $140 million, were imported into China from Thailand in the first eight months of 2024. Similarly, countries like Saudi Arabia and Argentina saw steep declines of 21% and 50% in value, respectively.

In August 2024 alone, China's shrimp imports declined by 2%, totaling 81,645 tons, with a total value of $397 million. The average price per kilogram also fell by 6% to $4.86.

Projections for the remainder of the year suggest a further decline in China's shrimp imports, which are expected to fall by 11% overall, reaching approximately 933,083 tons—down from over 1 million tons in 2023. This decrease is attributed to an 11% drop in the first half of 2024, driven by China's struggling economy, increased caution from importers, and falling shrimp prices.

Challenges for Ecuadorian Shrimp Suppliers in 2024

Ecuador, a key supplier, faces growing challenges as shrimp import prices in China decline sharply. This has led to financial losses for importers who are forced to sell shrimp at prices lower than their purchasing costs. Additionally, fluctuating shrimp prices and an unstable yuan-US dollar exchange rate have hindered Ecuadorian suppliers' ability to establish strong brands in the Chinese market, affecting their overall competitiveness.

Vietnam’s Shrimp Exports to China Show Promise

In contrast, Vietnam’s shrimp exports to China and Hong Kong have shown positive growth. According to Vietnam Customs, shrimp exports in the first eight months of 2024 totaled $477 million, a 21% increase year-on-year. Despite a brief decline in May, exports rebounded from June onwards, with strong growth in July and August.

Vietnam’s shrimp exports are expected to continue recovering in the final months of 2024, boosted by increased Chinese demand during the National Day holiday in October. Domestic shrimp production in China may also face challenges due to disease outbreaks following recent storms, potentially increasing demand for imports.

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