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China, the world’s leading importer of shrimp, has set a new record in 2023 by importing 1.1 million tons of shrimp. This marks a 13% increase over the previous year.
Sluggish Consumption in the Second Half
While the overall annual figures are impressive, the second half of 2023 saw a notable slowdown in shrimp consumption in China. Volumes dropped by 10%, and the value declined by 25%, reflecting a surprising dip in the market during the latter part of the year.
Decline in Value of Shrimp Imports
The falling volumes and prices in the second half of 2023 had a direct impact on the value of shrimp imports into China. During this period, the total value recorded was only USD 3.8 billion, almost USD 1 billion less than the corresponding period in 2022, which recorded USD 2.9 billion in shrimp imports.
For the entire year of 2023, China’s shrimp imports reached the milestone of 1.1 million tons, making it the first country globally to achieve a seven-figure import level.
Discrepancies in Export Trends
Ecuador, a significant player in the global shrimp export market, showcased a unique trend in 2023. While the volume of shrimp exports increased by 23% to 697,102 tons, the export value experienced a decline. The price decrease of 19% to USD 5.09 per kg resulted in the export value only reaching USD 3.5 billion.
India, Argentina, Thailand, and Saudi Arabia also contributed to the increased export volumes to China. However, the average prices for their shrimp exports witnessed a notable decrease.
Vietnamese and Malaysian Trends
In contrast to the general trend, Vietnamese black tiger shrimp saw an increase in price by 23%. Despite a decrease in export volume, the average import price surged to USD 8.00 per kg, showcasing the demand for premium shrimp varieties.
Malaysia experienced growth in both volume and value of shrimp imports into China. With 7,471 tons imported, valued at USD 60 million, the average price reached USD 8.09 per kg.