Ecuador commenced the year with a concerning trend in its shrimp exports. The volume of farmed Vannamei shrimp experienced a decline, coupled with a significant drop in prices, indicating the persistence of a bearish cycle within the market. Factors such as a lack of demand and shifting consumer consumption habits are believed to be contributing to this downturn.

Export Statistics for January 2024

In January 2024, Ecuador’s shrimp exports totaled 89,211 tons, marking a 6% decrease compared to the same period in 2023. Moreover, the export value plummeted by 17% year-on-year, amounting to USD 432 million. A detailed examination of export destinations provides insights into the dynamics of the market.

While exports to China experienced a notable decline of 14%, there was a contrasting trend observed in Ecuador’s other primary markets. Export volumes to the United States and the European Union increased by 4% and 3%, respectively. Furthermore, exports to smaller destinations demonstrated even more substantial growth.

Impact on Product Composition

Despite the overall decrease in export volume, the shift in market preferences has led to a relative increase in the export of tails and peeled products. Consequently, the live weight equivalent of exports has remained relatively stable. This reaffirms the stability of Ecuador’s shrimp production. Notably, China continues to be Ecuador’s preferred market. However, any decrease in demand from China prompts Ecuadorian exporters to pivot towards selling tails and peeled products to the United States and Europe.

The average price per kilogram of shrimp varied across key markets in January 2024. In China, the average price stood at USD 4.43, reflecting a 16% decline compared to January 2023 but a 2% increase from December 2023. Similarly, the United States witnessed a decrease of 10% from January 2023, with the average price per kilogram at USD 5.77. In the EU, although prices dropped by 14% compared to January 2023, there was a 3% increase from December 2023, with the average price reaching USD 5.66 per kilogram.