The Ecuadorian shrimp industry is experiencing a resurgence, thanks to growing demand from the United States and the European Union. According to recent data, exports of Ecuadorian products to these regions saw significant increases, while sales to China took a hit.

Shrimp Sales Soar to the US and EU

In the first four months of 2024, Ecuadorian shrimp exports to the United States grew by 17%, reaching USD 563 million, making it the top export product to this market. The European Union also saw a surge in shrimp imports, with a 20.8% increase in sales, totaling USD 366 million.

However, Ecuador’s largest trading partner, China, saw a decline in shrimp imports from Ecuador, with a 36.1% drop in sales to USD 965 million. The executive vice president of the Ecuadorian Federation of Exporters (Fedexpor), Xavier Rosero, attributed this decline to limitations on shrimp sales due to reduced consumption of premium food products in China.

Reasons for China’s Decline

Rosero pointed out that two main factors contributed to the decline in shrimp sales to China: the slowdown in consumption of premium food products and sanctions imposed by the General Customs Administration on nine Ecuadorian companies due to issues with labeling standards and levels of preservatives. However, Rosero expects that once these issues are resolved, shipments from these companies will be regularized and national sales to China will recover.

While the trade agreement with China has been in effect since May 2024, its impact is not yet fully felt. Rosero notes that some products, such as pitahaya, can enter China without tariffs after a 30% reduction, while others will see a gradual reduction over time. He also sees interest from Chinese buyers in exploring new business opportunities in Ecuadorian food products.

Prospects for Shrimp Industry

The shrimp industry is expected to continue its upward trend, driven by strong demand from the US and EU markets. With one in two Ecuadorian companies linked to exports doing business with the United States, opportunities are expected to expand. Additionally, the renewal of the Generalized System of Preferences is expected to benefit products like broccoli, tuna, roses, wood, and processed goods.