Shrimp exports from India increased year-on-year for the fourth month in 2024. Only in March, there was a year-on-year decline. In May, the export volume increased year-on-year by 7% to 62,343 MT. The year total reached 269.118 MT, 4% above 2023, and the highest recorded in the first five months of any given year.
Not only does the volume see an upward trend, but the average export value of raw L. vannamei, its most important product, has also seen an upward trend since the beginning of this year, moving from $4.66 in January to $5.05 in May.
The increase in export volume is driven by exports of raw L. vannamei, which increased by 6% in the first five months of 2024. Exports of value-added shrimp increased by 2% year-on-year. Exports of raw P. monodon and wild-caught shrimp slightly declined year-on-year, by 3% and 6%, respectively. The export increase in the first five months of 2024 is mainly targeted at the US, China, and the EU-27, which increased by 7%, 7%, and 5%, respectively.
With the year's second crop just underway, much remains to be determined. In the following updates, I will share new insights from GalaxEye Blue and broodstock import data to provide a clearer picture of the future direction.
