Ecuadorian shrimp exports expected to hit record high in 2024 despite China slump

Ecuador, the world's leading shrimp exporter, shipped 1.36 billion pounds of shrimp in the first half of this year, despite an 11% drop in exports to China. The country's shrimp production is largely exported, with 54% going to China, 24% to the US, and 22% to Europe. The US and European markets saw significant growth, with increases in orders from Spain, Italy, and France. However, the average price received by exporters fell by 10% compared to the first half of 2022.

Ecuador, the world's largest shrimp exporter, shipped 1.36 billion pounds of shrimp in the first six months of this year, according to the latest data from the Ecuadorian Shrimp Producers Trade Association (CNA). The increase in production came despite an 11% drop in exports to China, which totaled 733 million pounds in the six-month period. 99% of Ecuador's shrimp production goes to overseas markets. Exports hit a record 2.68 billion pounds last year, worth nearly $6.29 billion (€5.82 billion). While the Ecuadorian shrimp industry has for years expressed a desire to reduce its reliance on China, efforts have mostly failed. However, China's economic slowdown has become a catalyst for growth in alternative markets since the second half of last year. Analysts at Rabobank in China said they do not expect a significant recovery in shrimp demand in the second half of this year, although there may be a 2-4% rebound due to concerns about domestic production in China. China accounted for ...