China’s shrimp imports in October 2024 recorded a drop of 13% year over year, but the volume is up by 6% compared to September 2024. Last year, imports followed a downward trend from September onwards; if this year’s trend continues upward, we might see a year-over-year increase next month. The year total is now 11% behind 2023. Most likely, at the end of the year we will see a drop of around 10% year over year, bringing the year total in 2024 to around 890,000-900,000 MT.
Suppliers:
- Ecuador: Imports from Ecuador dropped 4% year over year in October 2024, a slight increase of 5% compared to September 2024. The year total is now behind 7% year over year. If this trend continues, the year total will likely end up with imports of around 650,000 MT.
- India: Imports from India dropped heavily once again. After a drop of 48% year over year in September, imports fell 42% year over year in October. October 2024 imports decreased 6% compared to September 2024. This significant drop is likely the result of the competition for raw materials in India between processors to ship their orders of their US and EU customers. The year total is now 6% behind, and if this trend continues, imports are likely at around 125,000-135,000 MT at the end of the year.
- Argentina: Despite a year-over-year increase of 20% in October, imports from Argentina still need to catch up by 48% yearly when considering the year total.
- Also, all other top 10 suppliers remain behind year over year, except Venezuela, which is ahead by 29% and has taken 10th place, surpassing countries like Myanmar and Iran.
In terms of average import prices, Ecuador’s prices remained relatively stable at $4.54 per kg. India’s prices, on the other hand, jumped up from $5.13 to $5.88. This may result from India's shortage of raw material supply and the heavy competition between processors to secure raw materials to fulfill their order books.
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