Indonesia’s Exports in Q3 2024 Increase 2% YoY. First Time Since Q2 2022.

With a total export volume of 52,476 MT, shrimp exports from Indonesia in Q3 2024 increased by 2% year over year. This is the first quarterly year-over-year increase since Q2 2022. It’s also an increase of 17% compared to Q2 2024, which is exceptionally high compared to previous years. The year-over-year export increase was mainly achieved in August, when exports increased 11% year-over-year. Exports were flat and 3% behind year-on-year in July and August. The Year-Total now stands at 145,808 MT, 6% behind 2023.

In Q3, the slight year-over-year increase was realized through a 7% increase in raw L. vannamei shrimp exports. Exports of value-added and raw marine shrimp dropped by 1% each, and exports of raw P. monodon increased by 1%. Looking at the Year-Total, raw L. vannamei exports are 10% behind, exports of value-added shrimp are just 3% behind, exports of marine shrimp are flat, and exports of raw P. monodon shrimp are down by 4%.

In Q3, exports to the US increased by 5%. In Asia, exports to Japan were flat, and exports to China halved. Surprisingly, exports to the EU increased significantly, by 80% year-over-year. Though with just 2,229 MT still small, the EU grew to Indonesia’s third largest market. Within the EU, the Netherlands imports most of the shrimp from Indonesia, but imports in Belgium, Germany, and France also increased. With 42%, looking at the Year-Total, the EU is Indonesia’s only major market that realizes year-over-year growth. Is this a sign that Indonesia is trying to diversify its export markets?