Ecuador’s shrimp exports surged in May 2024, with the country shipping 124,896 tons of the prized crustacean to global markets, worth USD 602 million. This marks an increase of 12% compared to the previous month and 16% compared to the same period last year.

China Remains Top Market, but Value Decreases

While China remains Ecuador’s largest market for shrimp, export value decreased by 12% and unit prices decreased by 13% compared to the end of 2023. This decline is attributed to low market values. However, Ecuadorian shrimp exports to China increased slightly by 2% in volume in May, hinting at a potential rebound in the second half of the year.

On the other hand, exports to the US and Europe showed significant growth. The US became Ecuador’s second-largest market, with a 53% increase in volume and 41% increase in value, making it an attractive destination for Ecuadorian shrimp. Exports to Europe also rose by 30% in volume and 18% in value.

Regional Markets Show Promise

Strong growth was observed in specific markets such as France (85% increase in volume) and Taiwan (3,654% increase), which is expected to continue as Ecuadorian shrimp companies diversify their consumption markets.

Despite the positive export numbers, Ecuadorian shrimp producers are still grappling with low prices and high costs, negatively impacting profit margins and the sustainability of their operations. However, this has not hindered production significantly, with Ecuador’s whiteleg shrimp harvest expected to reach over 1.4 million metric tons by 2024.

Production and Diversification Efforts

Some Ecuadorian companies are adapting to the challenges by ramping up production and exploring new markets. Industrial Pesquera Santa Priscila, the country’s largest shrimp exporter, recently opened its seventh plant with an annual capacity of 60,000 tons, while shrimp processor Oceantreasure is planning to double its sales in the Chinese market.