US monthly shrimp imports roared back to the highest level for the year in July, led by a strong showing from India, the US’ largest shrimp supplier.
July imports jumped by 17,000 metric tons compared with June to 68,000t, the latest trade figures released by the National Ocean and Atmospheric Administration show, as India delivered its biggest monthly volume of shrimp since before the pandemic.
The rally lifts US imports to 378,000t for the first seven months of 2020, up 4% compared with the corresponding period last year. The value of US shrimp imports came to $3.20 billion for the period.
The strong showing from India in July signals a return to normal service after it fell behind Indonesia in the rankings of the US’ largest shrimp suppliers in May and June.
While imports from the likes of Indonesia, Vietnam, Thailand and Ecuador increased to fill some of the gap, India's absence as coronavirus lockdowns affected processors and logistics was seen in the monthly data; in May and June overall US imports fell to 38,000t and 51,000t respectively (see charts one and two).
However, in July, US imports from India increased 104% compared with June to 24,000t, and up 3% compared with July of 2019, according to NOAA figures. The value of imports from India for the month came to $205.8 million.
Meanwhile, Ecuador made a mark as shrimp exporters there hit the brick wall of Chinese market access restrictions and consumer fears over links to COVID-19. In July, the South American country delivered a record 14,000t of shrimp to the US, on the back of 10,800t delivered in June.
The increase in average unit values from Ecuador (see chart below) compared with June is because of the higher-value products imported by the US from the country, as Ecuadorian processors scramble to produce more headless shrimp. Nevertheless, the unit value of shrimp from Ecuador was still just $6.27 per kilogram, down 11% year-on-year, indicating US importers' opportunity to pick up bargains.
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September 03, 2020 at 11:14PM
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Trade insights: US shrimp imports surge to year high as India roars back - Undercurrent News
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