Ecuador exported 275 million pounds of shrimp in May 2024, a 16.3 percent rise when compared to the 237 million pounds exported in the same month of 2023 and breaking the previous record of 246 million pounds recently set in April 2024.
However, the volume gains were slightly offset by average shrimp prices remaining low in May at USD 2.19 (EUR 2.02) per pound, the same price as a month prior and down compared to the average price of USD 2.42 (EUR 2.24) per pound in May 2023.
As a result of the decline in price but increase in volume, May 2024 exports brought in USD 602 million (EUR 556 million), a 5 percent increase from the USD 574 million (EUR 530 million) realized in May 2023. Ecuador set its export value record in July 2022 when it hit USD 654 million (EUR 604 million) in value on 228 million pounds exported at an average price of USD 2.87 (EUR 2.65) per pound.
In volume terms, China continued to take the lion’s share of Ecuadorian exports at 153 million pounds, which was up 1.6 percent on May 2023. That total comprised 55.7 percent of Ecuador’s shrimp exports in the month, and brought in USD 309 million (EUR 285 million), falling 11.6 percent from the same month one year ago.
The U.S. was the second-largest importer of Ecuadorian shrimp, purchasing 52.2 million pounds of the product in May 2024. That total marked a 53.1 percent jump from the same month last year, and comprised 19 percent of all Ecuadorian shrimp exports, compared to 14.4 percent in May 2023. The U.S. bought USD 135 million (EUR 125 million) worth of shrimp in the month, jumping 41.4 percent year over year.
The European market came in third, receiving 48.8 million pounds in May 2024, up 29.8 percent when compared to May 2023. The total represented 17.7 percent of Ecuador’s shrimp shipments abroad, compared to 16.9 percent in the same month one year ago. Europe purchased USD 110 million (EUR 102 million) of shrimp during the month, up 17.6 from one year ago.
Though the industry made gains in several categories, not all was good news for Ecuadorian shrimp in May. The U.S. Department of Commerce (DOC) unveiled its preliminary determinations on antidumping duties for Ecuador and Indonesia, with most companies in Ecuador facing an additional charge of over 10 percent to ship into the lucrative U.S. market – adding to a 2.89 percent duty levied for antidumping.
