The US imported 61,213 tons of shrimp, worth 481.8 million USD in July 2024, down 12% in volume and 16% in value compared to the same period last year.

According to data from the US National Oceanic and Atmospheric Administration (NOAA), in July 2024, the country imported 61,213 tons of shrimp, worth $481.8 million, down 12% in volume and 16% in value compared to 69,501 tons, worth $571.3 million in July 2023. This is the second consecutive month of year-over-year declines in import volume, following a slight increase in May.

The import price of shrimp in July reached $3.71/pound, slightly higher than the $3.69/pound in June, although still 4% lower than the average of $3.85/pound in the same period last year.

Imported shrimp prices in the US have fallen almost continuously since April 2022, when they averaged $4.73/pound. According to Mr. Nate Torch, co-chairman of Central Seaway Company (CenSea) at the Global Shrimp Forum (GSF) held in Utrecht, Netherlands: Currently, although shrimp prices have reached record lows, this still helps reverse the trend of declining shrimp consumption in the US.

Willem van der Pijl, CEO of the GSF Foundation, predicts that US shrimp imports will decrease by 3% in 2024, marking the third consecutive year of decline since the peak of 896,686 tons of imports in 2021 - a time when retail demand increased due to the COVID-19 pandemic.

India remains the largest supplier of shrimp to the US, exporting 26,729 tons, worth $200.5 million in July, up slightly in volume but down 4% in value compared to the same period last year. In the first seven months of the year, India exported 157,134 tonnes, worth $1.2 billion, accounting for 38% of total US shrimp imports.

Ecuador, the second-largest source of shrimp to the US, exported 12,913 tonnes worth $89.2 million in July, down 30% in volume and value year-over-year. The average price was $3.24 per pound, up nearly 2% from $3.19 per pound in June 2024 and on par with the $3.24 per pound average price in July 2023.

Indonesia also saw a year-over-year decline, exporting just 10,303 tonnes worth $78.4 million to the US in July, down 10% in volume and 16% in value year-over-year. The average price was $3.63 per pound, up 1% from $3.58 per pound last month and down 6% from $3.85 per pound in July 2023.

Vietnam exported 5,791 tons of shrimp to the US, worth $56.1 million in July, down 16% in volume and 24% in value compared to the same period last year. The average price reached $4.59/pound, slightly higher than the $4.58/pound in June 2024 and down 7% compared to the $4.95/pound in July 2023.

Source: VASEP