A Big Drop: India’s August Shrimp Export Volume Down by 18% YoY

In August 2024, India’s shrimp exports finally saw a considerable drop (-18%), which is most likely a reflection of farmers' slow stocking behavior and many production challenges related to weather conditions.

The drop in exports in August was mainly accounted for by a sharp drop in exports to China (-49%), Vietnam (-65%), Russia (-31%), the UK (-24%) and Japan (-9%). Exports to the US were flat (-1%), and exports to the EU increased (+9%) YoY. This may reflect the struggle exporters face to meet the requirements of their large contract business partners in the US and, to some extent, in the EU, with few raw materials left for other export markets.

On a positive note, exports of P. monodon in August 2024 increased by 25% year over year, bringing the year-to-date export volume to 16,875, almost (-3%) at par with the year-to-date export volume in 2023.

India’s year-to-date exports are now at par with 2023. In 2023, exports in the second half of the year exceeded expectations, but this year, it’s more likely that Q3 exports will show a downward trend due to slow stocking and challenging weather conditions. 2024's exports may, therefore, end up at a lower point than 2023.

However, farmgate prices are rising, and farmers are stocking their ponds for this year’s final crop. This crop may be ready to harvest by December and January, enabling exporters to build stock and position for next year’s buying season.