US Imports in January 2024 Just Below 60,000 MT, 15% Down Year-on-Year

US Imports in January 2024 reached 59,629 MT, a 15% decline from January 2023 and the lowest January import volume since 2019.

Looking at specific product types, especially imports of HLSO and value-added shrimp products, they dropped year-on-year, respectively, by 28% and 37%. The most significant category, peeled products, fell by just 12%. The only category that grew year-on-year is the smallest category of breaded shrimp, which almost doubled compared to January 2023.

Thailand’s supplies dropped the most among the top five suppliers, 26%. Supplies from India dropped 18%, and supplies from Indonesia fell 20% year-on-year. Ecuador’s supplies dropped by 6% and Vietnam’s by 5%. If we look for peeled products in India, the largest supplier of peeled products, the average import value per kilogram was at $6.90, 14% below January 2023 and 1% below December 2023. If we look at shell-on products (HOSO and HLSO combined), for Ecuador, the largest supplier of these products, the average value was at $6.47, 4% above January 2023 and 5% above December 2023.

Although it is hard to tell the reason behind the drop in US imports, part of it may be due to the uncertainty around the ongoing anti-dumping and countervailing duty cases. The preliminary rulings of these cases are expected over the next 2.5 months or so.