US imports in October 2024 reached 74,669 MT. The import volume increased from June onwards, and after 1% YoY growth in September, imports fell 2% YoY in October. The year-total imports are down 4% YoY compared to 2023, 13% compared to 2022, 14% compared to 2021, but 2% ahead of 2020. If US imports in November and December remain stable YoY, the US will import around 760,000 MT in 2024. Interestingly, while imports of raw peeled shrimp and breaded produced increased slightly (+1% each), imports of raw shell-on and cooked peeled and shell-on shrimp dropped by 13% and 7%, respectively. Shell-on imports dropped from all origins, not only Ecuador.
Per country:
- Overall, Ecuador accounted for most of the drop in exports in October, which saw imports fall by 21% year over year. The year's total imports from Ecuador reached 157,175 MT and are now behind 9%. The drop in imports from Ecuador is almost entirely accounted for by a decline of 16% in the shell-on category. Imports of peeled shrimp increased slightly (2%), imports of breaded shrimp dropped (19%), and imports of cooked shrimp increased (25%).
- Imports from India increased by 2% year over year in October. The year total reached 243,517 MT but is still behind 1% year over year. Imports of raw peeled shrimp from India grew by 3%, and imports of cooked peeled and shell-on shrimp and raw shell-on shrimp dropped (10% and 16%, respectively). Imports of breaded shrimp grew exponentially and reached 2,000 MT by October, which is still a tiny fraction of total breaded imports but already reflecting increased capacity in India.
- In October, imports from Indonesia increased by 1% year over year. The year-to-date total reached 107,477 MT, which is 10% behind 2023. Imports of raw peeled and shell-on shrimp dropped by 18% and 6%, respectively. Imports of cooked shrimp dropped by 15%, and breaded shrimp imports increased by 3%.
- In October, imports from Vietnam increased by 25% year over year. The year’s total reached 56,029 MT, 11% ahead of 2023. Imports of cooked shrimp dropped by 8%. Imports of raw peeled and breaded shrimp increased by 28% and 30%, respectively. Imports of shell-on shrimp dropped by 14%.
Average import prices increase. The average value per kg for shell-on (mainly HLSO) shrimp, Ecuador is the major supplier, increased from $7.43 in September to $7.94 in October. This is the highest price point since April 2024, reflecting farm gate price increases and dropping raw material availability in Ecuador. The average value per kg for peeled shrimp, of which India is the largest supplier, increased slightly, from $7.81 to $7.86.
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