In the second quarter of 2024, the U.S. and China imported less shrimp than they did during the same period in 2023.
According to figures presented by Global Shrimp Forum Managing Director Willem van der Pijl at the 2024 Global Shrimp Forum (GSF), held recently in Utrecht, Netherlands, China has imported less shrimp year over year four quarters in a row. That trend continued into July this year, with imports by volume down 8 percent on the corresponding month of last year.
As for the U.S., van der Pijl said that the country bought less shrimp in the first half of 2023, but increases came in the third and fourth quarters, followed by a slight year-over-year increase in Q1 2024. However, the second quarter of this year brought a 7 percent decrease.
“Average import prices are not dropping at the same rate, but they still [have] some volatility, and [despite] slight increases in the beginning of this year, they are still operating at a very low point,” he said.
Complicating any attempt to accurately predict future import/export trends, CenSea Co-President Nate Torch told GSF he believes “all the trends have changed” in the U.S. shrimp market and everything that experts had learned up to the Covid-19 pandemic is no longer relevant, as historical predictabilities are “out the door,” Torch said.
“We've actually had two years of some of the lowest prices we've ever seen, and they consistently stay low. But, why isn't there consumption at the low prices? Are we finding out maybe it's not price that drives consumption of shrimp?” he said. “We need to find a way to increase shrimp consumption in the world because the ability to do it, the technology, and the commitment around the world are there to sell more of the best protein there is.”
Other factors have also contributed to downward trade trends, Torch said, such as ...
