While Ecuador’s 2024 shrimp exports at 1,214,105 MT close at 0% year-on-year growth, shrimp production has slightly increased. This is because exports to China (mainly HOSO) dropped significantly, and exports to other destinations (more HLSO and peeled) have drastically improved. As a result, while the export volume is flat, the live-weight equivalent volume of exports has risen slightly. While the export volume was flat, the export value dropped for the second year from $6.7 billion in 2022 to $6.3 billion in 2023 to $6.1 billion in 2024, reflecting the low price period that the industry went through. Some more details on Ecuador’s export markets
- Total Exports:
- Dec 2024: 94,325 MT = -11%
- Q4 2024: 298,397 MT = -1%
- 2024: 1,211,564 MT = 0%
- Top five markets:
- China:
- Dec 2024: 49,673 MT = -19%
- Q4 2024: 165,924 MT = -2%
- 2024: 656,265 MT = -8%
- US:
- Dec 2024: 17,163 MT = -10%
- Q4 2024: 49,573 MT = -8%
- 2024: 214,745 MT = +4%
- EU:
- Dec 2024: 16,952 MT = +21%
- Q4 2024: 50,923 MT = +14%
- 2024: 203,211 MT = +14%
- South of the EU (Spain, France, Italy, Portugal, Greece and Cyprus)
- Dec 2024: 12,763 MT = +21%
- Q4 2024: 40,428 MT = +14%
- 2024: 162,999 MT = +11%
- Rest of the EU (mainly Netherlands, Belgium, Germany, and Lithuania)
- Dec 2024: 7,148 MT = +22%
- Q4 2024: 26,368 MT = +29%
- 2024: 40,212 MT = +25%
- Russia
- Dec 2024: 2,797 MT = +25%
- Q4 2024: 7,374 MT = -15%
- 2024: 29,083 MT = +23%
- Japan:
- Dec 2024: 915 MT = -29%
- Q4 2024: 3,566 MT = +10%
- 2024: 13,993 MT = +74%
- China:
Like exports to Japan, Taiwan is a remarkable export market growing rapidly for Ecuador in Asia. Exports to the country reached 11,915 MT, ten times higher than in 2023. This growth is a direct result of a broader effort of the two governments to improve relationships and increase trade between the two countries.
Another interesting increase in exports is those to Lithuania, which reached 13,910 MT, showing the importance of EU seafood company Viciunai and Lithuania's role as a regional distribution hub for Ecuadorian shrimp to markets in the Eastern part of Europe and Eurasia, such as Ukraine.
In terms of other re-processing hubs, exports to Thailand almost entirely halted while exports to Vietnam dropped. Exports to Guatemala, where Nueva Pescanova has its peeling operations, increased.
Regarding average prices per kilogram, exports close at a positive trend in shipments to China and Spain but on a negative trend in the US. The average value per kilogram of exports to China (mainly HOSO) increased for the fourth month and reached $5.09 in December 2024. For Spain (mainly HOSO), the average value increased for the eighth month and reached $5.12/kg. The average value of exports to the US (mainly HLSO EZP and peeled) dropped to $6.58/kg.
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