April 2024 Witnessed a 3% Year-on-Year Increase in Indian Exports, Maintaining a Lead over 2023

With India’s April 2024 shrimp exports reaching 52,349 MT, a 3% year-on-year increase, India’s January-April exports have reached 206,774 MT, 4% ahead of 2023. Looking at the various HS codes, exports of raw L. vannamei (+5%) and cooked and further value-added shrimp (+5%) increased from January to April, while exports of raw P. monodon (-1%) and wild-caught shrimp (6%) dropped.

While the export volume shows a positive trend overall, we must exercise caution and not be too optimistic about the rest of the year. In the previous year, India’s exports surged from May onwards. However, under current market conditions, Indian industry representatives downplay the expectation that this will happen again in 2024. Also, looking at 2021 and 2022, while in 2024, ahead of the year total, compared to those years, April 2024 exports are down 9% and 11%, respectively.

The growth of exports of raw L. vannamei was primarily absorbed in North America, where exports to the US and Canada from January to April grew by 6% and 19%, respectively. Exports to China over this period grew for the fourth year in a row, this year by 12%. Exports to ‘Other Asia’ dropped, with exports to Vietnam and Japan, the region's two largest markets, respectively, down by 14% and up by 50%. Exports to the EU dropped by 12%. Regarding its exports of cooked and further value-added shrimp (primarily consisting of L. vannamei), the US recorded 9% year-on-year growth from January to April. The US absorbed 78% of the total export volume, more than in 2023 but still below 2021 and 2022. Exports to Canada, with an 8% market share, the second-largest market over the same period, increased by 25%.

In terms of its P. monodon export markets, with some major changes, export destinations remain volatile. From January to April 2024, the EU increased its imports by 36%, the US by 40%, and China by 20% year-on-year. At the same time, other large Asian importers such as Japan (-33%) and Vietnam (-86%) dropped their P. monodon imports from India over the same period. The EU, the US, China, Japan, and the EU are 2024’s top importers, compared to Japan, the EU, China, the US, and Vietnam last year.