MARKETS

Shrimp exports stabilise as Ecuador shifts focus to new markets

Ecuador 5th November 2024 | Ecuador's shrimp exports remain resilient in 2024 as prices rise and new markets open

Industria Pesquera Santa Priscila

Ecuador’s shrimp exports saw a slight downturn in the third quarter of 2024, with a 3% year-on-year decrease, bringing total exports for the year so far to a level comparable with 2023. Following a record-breaking second quarter, where exports nearly reached 350,000 metric tonnes—an 11% year-on-year increase—the third quarter fell short, totalling just under 300,000 metric tonnes.

Despite a promising start in Q3 with a 6% increase in August, export levels dropped by 11% in September. This decline was due to reduced exports to key markets like China and the United States, which fell by 7% and 19%, respectively. However, Ecuadorian exporters have responded to these challenges by expanding into new markets.

Ecuador’s diversification strategy has seen remarkable success, with exports to the European Union growing by 8%, and other markets such as Russia, Japan, and Taiwan experiencing more than a 100% increase. As a result, the share of shrimp exports to China dropped from 56% in 2023 to 53% in 2024, while the United States' share decreased from 19% to 16%. Meanwhile, exports to the EU increased from 17% to 19%, with other regions collectively rising from 8% to 12%.

Export prices showed a stabilising trend, particularly in high-value markets. While average prices to China remained steady at around $4.50 per kilogram, prices in the US and Spain—the largest EU market for Ecuador—showed upward movement. US prices peaked at $6.35 in August before settling slightly to $6.18 in September. Similarly, Spain saw a gradual rise from $4.58 in January to $4.75 in September.

These positive price developments underscore Ecuador’s effective response to market challenges, ensuring stable revenue despite the export volume dip. The country’s push for market diversification is expected to further strengthen its position in the global shrimp industry as demand for sustainable and high-quality seafood continues to grow.

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