Farmed shrimp prices in China experienced a significant uptick, primarily attributed to supply shortages both domestically and through imports. In the Pearl River Delta region of Guangdong province, prices surged by 2-4 yuan (0.28-0.56 USD) per kilogram compared to the previous week. Notably, the price of shrimp sized 80 reached 38 yuan (5.28 USD) per kilogram.

Sharp Increases in Jiangsu and Shandong Provinces

Jiangsu and Shandong provinces witnessed even steeper price hikes during this period. In Jiangsu, shrimp sized 60 commanded a price of 58 yuan/kg (8.06 USD/kg) by March 10, while in Shandong, shrimp sized 40 reached 62 yuan/kg (8.61 USD/kg).

The surge in prices can be attributed to a combination of factors. Firstly, the low harvest volume during the late 2023 to early 2024 season has led to reduced supply, with expectations of more abundant output post-April. Secondly, decreased frozen shrimp imports from Ecuador, a significant source for China, have further exacerbated the supply shortage.

Impact of Ecuadorian Imports

Ecuador, China’s largest shrimp consumption market, faced a decline in shrimp exports to China, with volumes dropping by 14% to 50,783 tons and turnover decreasing by 27% to USD 225 million in January. This reduction in imports stems from heightened Chinese customs inspections, particularly concerning sulfite concentrations and potential chemical residues in Ecuadorian shrimp.

In response to the controversy surrounding Ecuadorian shrimp imports, Chinese customs authorities have intensified inspections at ports, including Shanghai, Qingdao, Zhanjiang, and Tianjin. The increased scrutiny has led to delays in customs clearance, with procedures in Tianjin now taking an additional 1 – 2 weeks.