After a slight setback in January 2024, the United States witnessed a resurgence in shrimp imports in February, according to data released by the National Oceanic and Atmospheric Administration (NOAA). The figures revealed a 12% increase in volume and a 6% rise in value compared to the same period last year, indicating a promising trajectory for the shrimp market.

Import Trends

In January 2024, US shrimp imports experienced a temporary dip, marking a 14% decrease in volume and a 21% decline in value. However, February saw a remarkable turnaround, with imports rebounding significantly. A total of 59,668 tons of shrimp, valued at USD 456.5 million, were cleared through customs, signifying a resurgence in consumer demand.

Despite the increase in import volume and value, the price of shrimp continued its downward trend. At 7.65 USD/kg, the average price in February represented a 6% decrease compared to the previous year and a 1% drop from January 2024. This ongoing price decline poses challenges for stakeholders within the industry.

Leading Suppliers

India maintained its position as the largest shrimp supplier to the US market in February 2024, accounting for 40% of total imports. With 23,777 tons of shrimp imported, India saw a notable increase of 22% in volume compared to the previous year, contributing to a total value of USD 176.2 million. Despite the increase in volume, the average price experienced a 9% decrease.

Ecuador, despite facing countervailing tax regulations, continued to be a significant player in the US shrimp market. The country exported 16,911 tons of shrimp, generating USD 113.1 million in revenue. This represented a 10% increase in volume and a 12% rise in value compared to the same period last year.

Indonesia’s Export Decline

Indonesia, exempt from US countervailing taxes, encountered a 4% decrease in shrimp exports in February 2024. With 10,013 tons of shrimp exported, Indonesia saw a decline in both volume and value, indicating challenges in the competitive landscape.

Vietnam, while experiencing growth in shrimp exports to the US, also faced downward price pressures. Despite exporting 3,660 tons of shrimp worth USD 35.5 million, Vietnamese shrimp prices decreased by 7% compared to the previous year.