Image: Stockfile FIS

China's shrimp imports: prices decreased

CHINA
Thursday, April 11, 2024, 07:00 (GMT + 9)

In the first two months of 2024, shrimp imports into China increased in both volume and value compared to the same period last year, but the average price still decreased.

According to data from the General Administration of Customs of China, in the first two months of 2024, China imported 157,377 tons of shrimp, worth 743 million USD, an increase of 19% in volume and 3% in value over the same period last year.

Source: Vasep

This growth is mainly due to the Lunar New Year falling on February 10, 2024 (while in 2023 it is January 22). However, the average import price still decreased. In February, the price decreased 12% to 4.68 USD/kg.

Source: Stockfile FIS -->

Ecuador is still China's largest shrimp supplier, accounting for 73% of total import value; with 114,717 tons, worth 510 million USD, an increase of 20% in volume and 2% in value. The average price decreased by 15% to 4.45 USD/kg. Ecuador mainly supplies China with HOSO whole shrimp products and a smaller proportion of HLSO head-on shell products.

Imports of Indian and Thai shrimp into the Chinese market also increased by double digits in the first two months of 2024. Specifically, India increased by 25% in volume with 22,156 tons, and 12% in value with 111 million USD. . Thai shrimp imports increased by 61% in volume and 48% in value. India mainly supplies China with HLSO block whiteleg shrimp used for reprocessing while India's exports of HOSO black tiger shrimp to China are also increasing.

<-- Source: Stockfile FIS

In February 2024 alone, China imported 60,233 tons of shrimp, worth 282 million USD, down 15% in volume and 25% in value compared to the same period last year. Of which, imports from Ecuador were 42,233 tons (down 24%), worth 187 million USD - the lowest level since January 2023.

Import prices decreased, raw material prices increased

Although the volume of shrimp imported into China increased in the first 2 months of the year, the average import price decreased sharply. Shrimp import prices from both Ecuador and India from August to November 2023 increased but then decreased again. The average price of shrimp imports from Ecuador in the first 2 months of the year dropped to a record low of 4.36 USD/kg. For India, the average price fell to 5.67 USD/kg in January this year and fell to 5.38 USD/kg in February this year, just above the lowest point of August 2023.

Source: Vasep

China's farmed shrimp prices increased sharply again in the week of October 2024 (March 4-10, 2024) due to a shortage of domestic live shrimp and imported frozen shrimp supplies.

On March 10, prices of different sizes of shrimp in the Pearl River Delta region of Guangdong province increased by 2-4 CNY (0.28-0.56 USD)/kg compared to the previous week. The price per kilogram of shrimp sized 80 has increased to 38 CNY/kg.

Source: Stockfile FIS -->

Shrimp prices in Jiangsu, Shandong, and Fujian provinces all recorded increases, mainly due to low seasonal harvests, stocking volumes usually concentrated after April, and imports from Ecuador decreased due to Chinese Customs loss. plenty of time to check goods from Ecuador.

Increase imports from Vietnam, decrease imports from Ecuador

According to Chinese Customs data, in February 2024, shrimp imports from Vietnam to China increased by 22% in volume and 3% in value compared to the same period in 2023 while imports from Ecuador decreased by 24% in volume. quantity and decreased 35% in value over the same period.

Ecuadorian shrimp exports to China decreased in February partly because China increased port inspections of Ecuadorian shrimp, especially regulations on labeling and sulfite residue.

<-- Source: Stockfile FIS

Red Sea tensions caused shipping costs to increase, China reduced shrimp imports from Ecuador in particular and the Americas and Europe in general and switched to importing goods from nearby markets like Vietnam.

As of March 15, 2024, Vietnamese shrimp exports to China & Hong Kong reached 104 million USD, up 113% over the same period last year. In particular, lobster exports to China recorded strong growth.

The main Vietnamese processed shrimp products are popular in China such as shrimp dumplings, ginger shrimp dumplings, frozen white shrimp with fried breaded meat, frozen white shrimp on skewers...

China's shrimp demand is also forecast to increase as the Qingming Festival (April 4) and International Labor Day (May 1) holidays are approaching.

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

editorial@seafood.media
www.seafood.media

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