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The Indian Ministry of Industry and Commerce recently released data indicating ongoing struggles for the nation’s shrimp industry. Despite efforts to rebound, the sector encountered a decline in export volume during the final month of 2023.
Declining Export Figures
In December 2023, the Indian shrimp industry saw a 2% decrease in export volume, amounting to 60,000 tons. The total export value amounted to USD 393 million, reflecting a challenging period for the industry.
Compounding the export volume decline, the average price of shrimp experienced a notable decrease. Compared to the same period in the previous year, prices dropped by 6%, reaching USD 6.51 per kg.
Annual Performance Reflects Mixed Results
The challenges observed in December 2023 are indicative of broader trends witnessed throughout the year.
Despite fluctuations, India managed to export 713,000 tons of shrimp throughout the entirety of 2023. However, the total export value amounted to USD 4.88 billion, representing an 11% decrease compared to the previous year.
Price Adjustments
The average price of shrimp declined significantly over the course of 2023. With a decrease of 12%, prices hit a low of USD 6.86 per kg, impacting the overall value of exports.
Despite the downturn, the United States continues to stand out as a significant export destination for Indian shrimp.
Dominance of the US Market
In 2023, the US maintained its position as the largest market for Indian shrimp exports. With 290,000 tons exported, amounting to USD 2.28 billion, the US market showcased resilience despite challenges faced by the industry.
While export volume to the US increased by 4%, the value of exports saw a decline of 9%. Furthermore, the average price of shrimp experienced a double-digit decrease, reflecting the complexities of the market dynamics.
Other International Markets Witness Decline
In addition to the challenges observed in the US market, other key international destinations recorded a decrease in Indian shrimp imports. Countries such as China, Japan, and Vietnam experienced a decline ranging from 13% to 33% in Indian shrimp imports.