marzo 8, 2023

India: Shrimp exports fall 4% in 2022 due to plummeting sales in the US.

India: Shrimp exports fall 4% in 2022 due to plummeting sales in the US.

India posted a 4% contraction in shrimp exports to 704,030 metric tons in 2022 as it struggled to remain competitive with Ecuador, particularly in the US market.

In value terms, global shrimp exports from India fell 4% to $5.51 billion compared with $5.72 billion in 2021, according to data from the Ministry of Trade and Industry.

The US remained India’s largest buyer in 2022, with 278,421 tonnes, although this figure was 20% lower than the volumes purchased by the US in 2021.

India’s shipments to China rose 12% to 137,313 tons, while those from Vietnam rose 11% year-on-year to 45,662 tons. Belgium, the fifth largest importer, increased its volumes by 22%, representing 23,767 tons.

The drop in volumes last year was accompanied by a downward spiral in average export values. Although offset by higher prices in the first half of 2022, unit prices fell 16% year-on-year, to an average of $6.95 per kilogram in December.

The most expensive shrimp went to Canada, at $8.46/kg, but they were down 10% yoy in December. Average shrimp prices in the US market were down 13% yoy to $8.25/kg in December.

In competition with Ecuador in China being the largest export market of the South American country. India’s export unit values to the Asian country lost 20%, down to just $5.15/kg in the last month of the year.

Indian market analysts suggest that the decline in prices is due to the large Ecuadorian supply.

Last year, Ecuador exported more than one million metric tons, representing an increase of almost 30% compared to 2021.

 

Source: Undercurrent News / March 8, 2023

In this article:
India posted a 4% contraction in shrimp exports to 704,030 metric tons in 2022 as it struggled to remain competitive with Ecuador, particularly in the US market.
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