Image: Stockfile FIS

U.S. Shrimp Imports May Increase in 2024

UNITED STATES
Friday, July 19, 2024, 07:00 (GMT + 9)

Shrimp imports into the US market began to increase from May, despite preliminary regulations on anti-subsidy and anti-dumping taxes applied to exporting countries.

According to data from the National Oceanic and Atmospheric Administration (NOAA), the US imported 63,973 tons of shrimp, worth 486 million USD in May 2024. This figure increased by 3% in volume but decreased by 7% in value compared to the same period last year because the price dropped to 3.59 USD/pound, down 3% compared to the previous month (3.7 USD/pound) and 8% compared to the same period last year. % compared to May 2023 (3.92 USD/pound).

Source: Stockfile FIS

Although May recorded an increase, in the first 5 months of the year, the total import value is still lower than in 2023. Specifically, only 297,666 tons of shrimp were cleared, worth 2.3 billion USD, less than 1 million USD. % in volume and 8% in value compared to the same period last year.

Ecuador Regains Momentum

In May 2024, Ecuador exported 19,130 ​​tons of shrimp to the US, worth 125.2 million USD, an increase of 15% in volume and 10% in value compared to the same period last year. In the first 5 months of the year, Ecuador exported 85,324 tons of shrimp to the US, bringing in 571.5 million USD, up 4% in volume and value over the same period last year, maintaining its position as the country's second shrimp supplier. America, accounting for 29% of the country's imported shrimp market share.

India increased slightly

Source: Stockfile FIS

The US imported 22,271 tons of Indian shrimp in May 2024, worth 164 million USD, up 2% in volume and down 8% in value over the same period last year. In the first 5 months of the year, India exported a total of 110,581 tons of shrimp, worth 812 million USD to the US, up 4% in volume, down 6% in value over the same period last year, accounting for 37% of the shrimp market share. US imports. The average price reached 3.52 USD/pound, up 2% compared to April, but 9% lower than May 2023.

Indonesia continues to decline

The third source of US shrimp supply, Indonesia, continued to record a decrease in exports to the US in May, with 11,735 tons, worth 88.9 million USD, down 15% in volume and 20% in value over the same period. last year; marking 21 consecutive months of decreased Indonesian shrimp exports to the US. Overall, in the first 5 months of the year, the US imported 53,041 tons of shrimp from Indonesia, worth 396.8 million USD, down 17% in volume and 24% in value. The average price reached 3.59 USD/pound.

Source: Stockfile FIS

Traditionally, the first half of the year the US usually imports about 40%, the second half 60%. Thus, based on data from January to May, the total volume of US shrimp imports in 2024 is likely to be higher than in 2023.

According to data from Vietnam Customs, as of June 15, 2024, Vietnamese shrimp exports to the US reached more than 262 million USD, up 2% over the same period last year. After increasing in the first months of the year, shrimp exports to the US decreased in April and May. Vietnamese shrimp exports to the US in the first months of 2024 are still affected by inflation, people tighten their spending, and shipping rates increase dramatically. variable and compete strongly in price with Ecuadorian and Indian shrimp. It is expected that the US decision to recognize Vietnam as a market economy and the results of the US Department of Commerce's anti-subsidy investigation into the shrimp industry on Vietnamese shrimp will have good results, allowing shrimp exports to the US to prosper. than in the second half of the year. To serve year-end demand, US demand for shrimp imports from Vietnam may increase slightly in the third quarter and prices increase slightly from July onwards.

Author: Kim Thu | Vasep (Translated from the original in Vietnamese)

editorial@seafood.media
www.seafood.media

Print