US shrimp importers in August 2024 continued to see a decrease compared to the same period last year, but this was the month with the highest import level of the year.

The United States imported 66,299 metric tons of shrimp worth $535.2 million in August 2024, down 10% in volume and down 11% in value from the 73,617 metric tons worth $599.6 million imported in August 2023. August marked the third consecutive month of year-over-year volume declines following a brief uptick in May.

Average overall prices followed that trend. In August 2024, the average price was $3.82 per pound, compared to $3.71 per pound in July 2024 and $3.69 per pound in June 2024.

Import shrimp prices have been falling since April 2022. The overall average price in April, before the decline, was $4.73 per pound.

In the first eight months of this year, the United States imported a total of 478,537 metric tons of shrimp, worth $3.7 billion, down 5% in volume and 11% in value compared to the same period in 2023.

Of the top five suppliers, three countries were subject to preliminary antidumping duties (CVD) earlier this year.

India is the top supplier of shrimp to the US, exporting 26,302 tonnes worth $203.1 million in August. While July 2024 saw little change in volume (0%) or value (-4%), August saw a -14% change in both volume and value.

In the first eight months of the year, the country exported 183,436 tonnes, down 2% in volume from last year. In value, India saw a 9% change from the same period last year. As of August this year, shrimp imports from India were worth $1.4 billion compared to $1.5 billion last year.

The average price of imported Indian shrimp in August was $3.66/lb, up $0.01 from $3.65/lb in August 2023.

Willem van der Pijl, founder of the Global Shrimp Forum (GSF), said that Indian whiteleg shrimp production is likely to remain at the same level as last year. The industry is currently facing problems related to disease outbreaks and floods.

Ecuador remains the second largest trading partner of the United States, exporting 15,462 metric tons worth $107.2 million in August. The volume was down 17% year-on-year, while the value was down 14%.

In the first eight months of the year, Ecuador exported 127,308 metric tons of shrimp to the United States, down 6% year-on-year. Values ​​also fell from last year -- $860.4 million compared to $921.9 million in 2023.

The average price of Ecuadorian shrimp imports in August 2024 was $3.25/lb, up from $3.24/lb in July 2024. At this time last year, the average price for Ecuadorian shrimp was $3.12/lb.

Ecuador's shrimp industry is currently facing disruptions in the form of rolling power outages. The energy crisis is impacting production because electricity is needed for critical functions, such as freezing products to ensure quality and food safety standards, and pumping water at farms to maintain oxygen levels. This could hamper holiday shipment preparations.

Indonesia is the third largest source of shrimp imports from the United States. In August, the country exported 10,945 tons of shrimp worth US$84.3 million; down 7% in volume and 14% in value compared to the same period last year.

Source: VASEP