The year behind us could be called anything but steady, but that’s how US shrimp import volumes and prices are ending 2020, based on a review by Undercurrent News of the National Oceanic and Atmospheric Administration’s latest update of its seafood import data.
The US imported 67,448 metric tons of shrimp worth $613.4 million in November, only about 100t less than was imported in November 2019 and roughly 1% more in value than the same period last year. At $9.09 per kilo, on average, the price is up 3.3% over the average $8.80/kilo paid in October and 1% higher than the average $9.00/kg paid in Nov. 2019, which was similarly a high point for the year.
Indonesia shrimp. Credit; Jala Tech
Recall that the US had a record-breaking month for shrimp imports in August when it took in 82,411t of the crustaceans and, despite the foodservice-crushing pandemic, remains on pace to top its 2019 volume and value performance by 8%, as reported earlier by Undercurrent.
It’s a trend that Jim Gulkin, CEO of pan-Asian supplier Siam Canadian has been tracking. He predicts shrimp prices will remain up in the first half of 2021.
Although US import volumes are up and cold-storage holdings are high, the large inventories don't necessarily signal a weak market or a price drop, said Gulkin, whose Bangkok, Thailand-based company has sales of over $300m and offices in China, India, Indonesia, Myanmar and Vietnam.
"If shrimp prices drop, I think it's unlikely it will happen in the first half of 2021," he told Undercurrent recently.
"The retail demand in the US continues to be very strong, and we are seeing new orders continuing to be placed. I suspect that much of the cold-storage inventories in the USA are product that is booked and confirmed for retailers but not yet delivered," he said. "There is nothing much to indicate a firming market in the first half of 2021 but continued strong retail demand and typically lower H1 production will prevent any real weakness."
India had November to forget
India, the US’ largest source of shrimp by far, did not have a good month in November, however.
The US took in 23,902t of shrimp worth $212.9m, 22% less in volume and value than imported in Nov. 2019, Undercurrent found. On average, $8.91/kilo was paid for shrimp from India in November, the same as in Nov. 2019.
The Indian shrimp industry is hoping for a better 2021 despite the current uncertainty, rampant disease, and a drop in exports, which are now causing major disruption in profitability and productivity within the market, said Balasubramaniam V., general secretary of the Prawn Farmers Federation of India, at Aqua Expo Guayaquil on Nov. 26.
"Not knowing what will happen within the market worldwide due to the COVID-19 pandemic or what the causative agents of current shrimp diseases in India are, for example, is quite frustrating," he said.
"What will happen in 2021 will inevitably be marked by all of this. The mood within the industry is quite bleak as 2020 has also been a tough year for us," he said. "Still, we hope that further government intervention to recover from the disruption caused by the pandemic in the market and better disease management protocols will help improve our situation here in India during the next year."
Photograph by Dmitry Rukhlenko on Shutterstock.
The combination of enterocytozoon hepatopenaei, or EHP, and white feces disease has been a devastating cocktail for South Asian shrimp farmers this year, sharply reducing growth rates and doubling the feed conversion ratio, Undercurrent previously reported.
The latest prices for head-on, shell-on farmgate vannamei shrimp from India followed different trends in week 53 depending on the area, according to data supplied by aquatech and farming services company Aquaconnect.
Prices show a continuous decrease in the main farming state of Andhra Pradesh, where farmgate prices for large, 30 and 40 pieces-per-kilogram vannamei shrimp dropped again by 4% and 7% to INR 460 ($6.27) per kilogram and INR 380/kg, respectively, week-on-week.
A similar drop was seen across almost all sizes in this area during week 53, data shows. Farmgate prices fell from INR 320/kg to INR 300/kg for 60-count shrimp; from INR 260/kg to INR 250/kg for 80-counts; and from INR 230/kg to INR 220/kg for 100-counts.
Indonesia back to being US's second-best shrimp pal
Meanwhile, the US imported 14,037t of shrimp worth $127.9m from Indonesia, its second-largest source, in November. That was a 12% gain on volume and 15% gain on value compared to Nov. 2019. The average price paid was $9.08/kg, 3% better than in Nov. 2019.
The latest prices for head-on, shell-on, farm-gate vannamei shrimp from Indonesia rose in week 52 (Dec. 21-27) across all sizes, according to the data available in Undercurrent's prices portal from a partnership with the Indonesian firm Jala Tech.
Prices for small and medium-sized 30, 40 and 60-count vannamei shrimp slightly increased to IDR 87,050 ($6.20) per kilogram, IDR 76,950/kg and IDR 63,150/kg in week 52, as the chart below shows.
Prices for smaller sizes also rose to IDR 56,850/kg for 80 counts and IDR 51,650/kg for 100 counts.
Ecuador still soaring, and Argentina strong, too
Ecuador, meanwhile, continues to smash its previous pace of delivering shrimp to the US. The US imported 8,884t worth $59.7m, 47% more in volume and 49% more in value from there than in Nov. 2019.
The South American country continues to deliver one of the best bargains, too. The average price paid for Ecuadorian shrimp in November was $6.72, 1% more than in Nov. 2019.
Ecuadorian farmed shrimp production has grown just over 7% year-on-year to 1.24 billion pounds (563,051 metric tons) between January and October of 2020, according to data from the country's national chamber of aquaculture, as previously reported by Undercurrent.
The increase has been achieved despite a 21% drop in production during the month of July when Ecuadorian producers exported only 98.31m pounds (44,592t).
Ecuadorian vannamei shrimp. Source: Baidu
Ecuadorian consultant and farmer Gabriel Luna of GLuna Shrimp described this year's increase in exports as "admirable", considering "all the difficulties" Ecuadorian shrimp farmers and packers faced, including "[lower] prices, [delays in] distribution, logistics, markets -- some of which were completely closed for a while -- [and] delays in the seeding and harvesting schedule".
Speaking at the Guayaquil Aqua Expo, Luna said he expected this growth trend to continue until the end of the year.
Ecuadorian farm-gate shrimp prices fell across almost all sizes in the final week of 2020 after a few weeks of increases, data tracked by Undercurrent's prices portal show.
As of week 53 (Dec. 28 - Jan. 3), head-on, shell-on (HOSO) shrimp prices were $4.70 per kilogram for 20/30 count shrimp; $3.70/kg for 30/40 count; $3.30/kg for 40/50; $3.05/kg for 50/60; $2.80/kg for 60/70; $2.60/kg for 70/80; $2.40/kg for 80/100and $2.20/kg for 100/120 counts.
Speaking of South American nations, it's also worth noting the big month Argentina had in November. The US imported 2,448 of Argentina’s famous red shrimp worth $26.4m during the month, 120% more in volume and 106% more in value. The average price paid was $10.79/kilo, down 6% y-o-y.
By comparison, Mexico sent the US more shrimp in November (3,783t) but it was worth $39.1m, and that was down 31% in volume and 30% in value. The average price paid was $10.35, up 2% y-o-y.
Big surge from Vietnam, but Thailand locked down
Vietnam also saw a big surge of shrimp exports to the US in November. The US took in 7,111t worth $74.0m, a 72% increase in volume and 83% increase in value. The average price paid was $10.41/kg, 6% more than in Nov. 2019.
The latest prices for ex-farm, head-on, shell-on black tiger and vannamei shrimp in Vietnam are up across almost all sizes, according to data provided in collaboration with Vietnamese fisheries platform Tepbac.
Prices for 30 and 40-count black tiger shrimp increased by 4% and 8% to VND 260,000 ($11.29) per kilogram and VND 200,000/kg, respectively, in week 53.
Prices for 20-count black tiger shrimp, however, followed a different trend and dropped by 3% to VND 370,000/kg, as the chart below -- which is available in Undercurrent's prices portal -- shows.
Another country to watch is Thailand, though for different reasons. The US took in 4,425t pf shrimp worth $50.4m in Nov. 2020 from the Southeast Asian nation, down 2% in value and volume from Nov. 2019.
Thailand's shrimp farmers stopped harvesting as markets are closed in the wake of a 14-day lockdown in Samut Sakhon, a province southwest of Bangkok recently affected by a COVID-19 outbreak that began at the Talay Thai wholesale shrimp market, Gulkin told Undercurrent recently.
China still suffering from trade war woes
China continues to see its shrimp exports to the US plummet while in the midst of a trade war with the US. It sent the US 585t worth $3.0m in Nov. 2020, 50% less in volume and 47% less in value year-on-year. Chinese shrimp remains the cheapest, however, at $5.18/kilo, up 6% from a year ago.
Chinese farmgate prices for live shrimp have picked up but still lie at their lowest levels in at least eight years even with imports flat, according to industry sources and locally reported prices.
Weaker prices for farmers in key production areas, such as Guangdong province in south China, have been attributed to scares linking the coronavirus to seafood and lower domestic demand, as well as greater domestic supply due to higher shrimp survival rates.
"To some extent, the pandemic still affects the foodservice market," a source at a large processor in Guangdong province, told Undercurrent, adding that many industries "still are suffering difficulties" despite the country's wider economic recovery.
January 08, 2021 at 02:15AM
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US shrimp imports were rock steady in November - Undercurrent News
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