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Warm water shrimp imports will approach 1 million tons in 2023

The 2023 shrimp import data has just been released. Although the annual import volume broke the record, the import volume in the second half of the year has been weak month by month and may not have met the expectations of many industry insiders.

According to customs statistics, the total import volume of warm-water shrimp last year was 987,000 tons, a year-on-year increase of 13%; in the second half of the year, the import volume decreased by 10% year-on-year, and the value decreased by 25%. Among them, the import volume in December was 70,618 tons, a year-on-year decrease of 27%, and the import value was US$365 million, a year-on-year decrease of 37%.

On the other hand, the import volume of cold-water shrimp in 2023 will be 69,161 tons, with an import value of US$549 million. The volume is basically the same as the previous year.

Fan Xubing, chairman of Beijing Haiqiao Marketing Co., Ltd., told UCN: "Normally, if we see a sharp drop in global prices, it will stimulate demand and promote sales and sales growth. But with China's macroeconomic weakness, Last year was an exception, especially in the second half."

February 2024 is the Chinese Lunar New Year holiday, so the arrival of many white shrimps has been delayed to January, and imports have declined in December. Fan Xubing said that compared with the general trend of global oversupply, weakening demand is the reason for the price plunge. The situation in the second half of the year is in sharp contrast to the forecast at the beginning of the year. At that time, many opinions believed that after China emerged from the downturn of the new crown epidemic, the imported shrimp market There will be a sharp rebound.

In 2023, China imported 697,102 tons of frozen warm-water shrimp from Ecuador, a year-on-year increase of 23%. The import value stabilized at around US$3.55 billion, and the average import unit price fell by 19% to US$5.09/kg. Shrimp imports from India, Argentina, Thailand and Saudi Arabia also increased, but average import prices fell (table below).

Fan Xubing said that the market's attention is currently turning to consumption in the current quarter, especially the Spring Festival. Some people believe that the worst period for China's economy is over, while others are not so optimistic. "Perhaps, in the first or second quarter, the market will gradually recover. But many people lack confidence and appear conservative."

"If you look back at historical import data, the fastest growth period was from 2017 to 2019. After the outbreak, the Chinese market experienced a two-year downturn before rebounding again in 2022. If the economy recovers slightly this year, import volume may only be There will be a slight increase, but it will not be as strong as in previous years." Fan Xubing said.


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