VOL. 19, NO. 1 / WINTER 2024 / URNER BARRY'S REPORTER • 31
But small increases
over the next couple
of years were
really compounded
during the COVID-19
pandemic. With
supply chains in
peril and shutdowns
from major markets,
Ecuador found the
United States an
easy and willing
trade partner. Trade
routes were shorter and demand robust. With the continued challenges out of India and
more notably Indonesia, Ecuador started to cement themselves with a concentrated effort.
At the end of 2022, Ecuador took over spot number two behind India, sending 199,812
metric tonnes, or nearly 24% market share.
And Ecuador seemed to really focus on value-added product that the U.S. consumer
demands. The investment in both dollars and human capital for new and expanding valueadded shrimp plants was evident through 2023. While shell-on, which
includes easy peel,
is still the largest category sent to the United States, the growth in peeled and breaded
outpaced the former by a significant margin. This signals to the market that the focus is
here to stay.
When it comes to a
global perspective,
Ecuador became
the number one
supplier of shrimp to
the world in 2022.
And depending on
estimates out of
China, the former
may even be the top
producing country
as well. Rabobank
analysts estimate Chinese production in two scenarios and the most bullish upwards of
two million metric tonnes.
One notable market development is the fact that American Shrimp Processors Association
(ASPA) filed trade petitions seeking antidumping duties on imported frozen warmwater
shrimp from Ecuador and Indonesia and countervailing duties on imported shrimp from
Ecuador, India, Indonesia, and Vietnam.
This development, which was announced on October 25, 2023, may alter future
trade flows. At the very least, the next 12 months will be filled with uncertainty as the
investigative period is expected to last into the fall of 2024.
Article contributed by
Jim Kenny
jkenny@urnerbarry.com
Gary Morrison
gmorrison@urnerbarry.com
50,000,000
100,000,000
150,000,000
200,000,000
250,000,000
300,000,000
350,000,000
400,000,000
450,000,000
500,000,000
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Pounds U.S Shrimp Imports - Ecuador
Source: U.S. Census, Urner Barry
+168% +178%
50,000,000
100,000,000
150,000,000
200,000,000
250,000,000
Shell-on Peeled Breaded
Pounds U.S Shrimp Imports - Ecuador by Type
Source: U.S. Census, Urner Barry
+135%
+239%
+528%