30 • URNER BARRY'S REPORTER / VOL. 19, NO. 1 / WINTER 2024
Ecuador is a South American country of 18 million people that
straddles the equator on the west coast of the continent. Their
chief exports include crude oil and derivatives, shrimp, bananas,
coffee, cut flowers, cocoa, and Panama hats, which they ship to
destinations like the United States, Peru, China, Chile, and Panama.
While large-scale shrimp production has been in Ecuador for
more than 50 years, it's the growth in the last decade-plus that is
remarkable. In fact, in recent years, Ecuador's shrimp industry is
the fastest growing major aquaculture industry in the world! Output
of vannamei (white leg) shrimp has grown from roughly 200,000
metric tonnes in 2010 to 1.25 million metric tonnes in 2022.
The growth in Ecuador shrimp production doesn't look like it is
slowing down anytime soon as the industry there looks to establish
dominance globally. Data released from Camara Nacional De
Acuacultura (CAN) through September shows a 15% increase
in exports over the same period last year despite unfavorable
pricing trends.
In the first nine months of 2023, Ecuador shipped 912,000 metric
tonnes of shrimp to other countries. The top 10 trade partners
accounted for 93% of trade with China (60%) and the United
States (17%) at 77% of total volume-by far the two biggest single
countries. The behemoth China alone has grown over 26% in
volume from 431,820 metric tonnes in the same period last year.
Trade growth to the United States was a little more muted at 3%
from 2022 to 2023. While still at second, the total market share
fell slightly. Growth in Europe was driven by smaller players by
volume-Italy, Russia, and Belgium.
This was despite the lower market prices seen so far this year.
While volume grew over 26% to China, trade dollars grew slightly
more than 2% to $2.741 billion. Nearly the rest of the top 10 showed
negative growth year-to-year in the value of trade. Value to the
United States dropped over 11% to nearly $940 million. The only
other growth story in value was Belgium, but this represented only
1% of total dollars.
To put this into perspective, Ecuador shrimp exports grew 393% in
the last 10 years. This is a CAGR of 17.3%.
While a little more muted, Ecuador has looked to become the
dominant trade partner with the United States as well, running
parallel with trade flows to the Asian markets. While they still trail
India when it comes to volume into the United States, they seem to
be making a move. If you look at data from 2013, Ecuador ended
that year in fourth place, accounting for 74,617 metric tonnes of
shrimp shipped to the United States, or nearly 15%. At the trough of
2017, it was still a distant fourth to number one and two India and
Indonesia and giving up nearly 400 basis points in market share
when it ended that year just under 11%.
Despite low prices, shrimp supply still elevated…
Ecuador shrimp supply growth putting
pressure on other producing countries
0
200,000,000
400,000,000
600,000,000
800,000,000
1,000,000,000
1,200,000,000
1,400,000,000
Pounds
Ecuador Shrimp Export Trade Flows (through September)
2022 2023
Source: CNA, Urner Barry
$0
$500,000,000
$1,000,000,000
$1,500,000,000
$2,000,000,000
$2,500,000,000
$3,000,000,000
Ecuador Shrimp Export Trade Flows (through September)
2022 2023
Source: CNA, Urner Barry
Dollars
0
500,000,000
1,000,000,000
1,500,000,000
2,000,000,000
2,500,000,000
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Pounds Ecuador Shrimp Exports
Source: CNA, Urner Barry
+393%
MARKET SHARE 2022 vs 2023
2022 2023 2022 2023
AFRICA 0.53% 0.46% UNITED STATES 18.71% 16.78%
REST OF AMERICA 2.04% 2.08% EUROPE 18.14% 17.23%
CHINA 54.48% 59.84% OCEANÍA 0.06% 0.05%
REST OF ASIA 6.05% 3.56%