In the first five months of this year, shrimp exports to China reached 105,925 tons, worth US $ 601 million, up 220% in volume and 181% in value
Shrimp exports reached a record high in the first 5 months of this year
Wednesday, July 17, 2019, 18:00 (GMT + 9)
Along with India and Vietnam, Ecuador is currently one of the largest shrimp exporting and producing countries in the world, accounting for about 13% of the total shrimp export value of the world. Ecuador's shrimp export volume is increasing thanks to the proper development orientation of the shrimp industry in this country.
In the first 5 months of this year, Ecuadorian shrimp exports reached 256,611 tons, worth USD 1.5 billion, up 23% in volume and 9% in value over the same period in 2018. The average export price of Ecuadorian shrimp as of May in the last five years, it has reached 5.76 USD / kg, down 12% according to the general downtrend of world shrimp prices.
Particularly in May 2019, Ecuadorian shrimp export reached 56,832 tons, worth 318 million USD, up 16% in volume and 2% in value compared to May 2018. Ecuadorian shrimp exports in the first 5 months of this year reached a record high compared to the same period of the previous years. Shrimp exports of this country in the three months 3-4-5 / 2019 also reached the highest level compared to the same period in the previous year. Export of Ecuadorian shrimp to major markets such as China, the US and South Korea has all grown.
China is Ecuador's largest shrimp import market, with an overwhelming market share with 42% of Ecuador's total shrimp imports. Vietnam is the second largest import market, accounting for 22%. EU ranked third with 16.7% and the US is the 4th largest import market, accounting for 13%.
Total ecuadorian exports of shrimp 2010-2018 | Click on the image to enlarge it
In the first five months of this year, Ecuadorian shrimp exports to China reached 105,925 tons, worth USD 601 million, up 220% in volume and 181% in value over the same period last year. The average export price of Ecuadorian shrimp to China reached 5.68 USD / kg, down 12% compared to the same period last year.
Since late 2018, China has surpassed Vietnam to become Ecuador's largest shrimp import market, gaining an overwhelming market share and maintaining the No. 1 position so far. China is increasingly importing shrimp from Ecuador due to competitive Ecuadorian shrimp prices, a stable source and a variety of value-added products, and Ecuadorian shrimp brand has a foothold in the Chinese market. Ecuadorian shrimp exporters also focus on boosting exports to China due to increased consumption demand, Chinese enterprises are not afraid to spend large sums of money to invest in upgrading processing technology, Ecuador is advantageous when exporting by sea to China.
Ecuador shrimp produced for the Russian market
Export of Ecuadorian shrimp to the US reached 33,364 tons, worth USD 194 million, up 18% in volume and 4% in value over the same period in 2018. Export of Ecuadorian shrimp to the US after decreasing in the first months of the year has grown. again. In the US market, Ecuadorian shrimp has a cheaper price compared to competitors like India, Vietnam and Thailand.
South Korea is also the remarkable shrimp import market of Ecuador. In the first 5 months of this year, Ecuadorian shrimp export to Korea reached 4,742 tons, worth USD 29 million, up 67% in volume and 47% in value over the same period last year. Ecuadorian shrimp still undergo strict quality inspection procedures from the Korean side, but currently Ecuador and South Korea are in the process of preparing to complete the Trade Agreement between the two countries, facilitating the export of shrimp from Ecuador to Korea.
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Export of Ecuadorian shrimp is on a good growth thanks to both objective and subjective factors. In terms of raw material production, Ecuador invests in low-cost intensive, high-productivity, intensive shrimp production. On the market, Ecuador has had an FTA with Europe, preparing to complete the Trade Agreement with Korea, the ban on Ecuadorian shrimp imports into Brazil has been removed. Regarding sustainable development, the Sustainable Shrimp Partnership Program (SSP) is operating quite effectively, ensuring the production of quality and sustainable shrimp products. Ecuadorian shrimp brand is increasingly asserting its position in the main shrimp consumption markets. It is expected that Ecuador's shrimp exports in 2019 will continue to increase.