While Ecuador’s shrimp exports closed out 2024 at 1,214,105 tonnes, remaining on par with the previous year, the South American country’s production increased slightly, according to new industry analysis from Shrimp Insights.
Netherlands-based Shrimp Insights explained that Ecuador’s exports to China (mainly head on shell on – HOSO) dropped significantly, and exports to other destinations (more headless shell on (HLSO) and peeled) have drastically improved. As a result, while the export volume is flat, the live-weight equivalent volume of exports has risen slightly.
While the export volume was flat, the export value dropped for the second year from US$6.7 billion in 2022 to $6.3 billion in 2023 and to $6.1 billion in 2024, reflecting the low-price period that the industry went through.
China remained Ecuador’s main shrimp export market, sourcing 656,265 tonnes of product in 2024 (-8%). It was followed by the United States with 214,745 tonnes (+4%), the EU’s 203,211 tonnes (+14%), Russia’s 29,083 tonnes (+23%) and Japan’s 13,993 tonnes (+74%).
Shrimp Insights highlighted that like exports to Japan, Taiwan is a remarkable export market growing rapidly for Ecuador in Asia. These exports totalled 11,915 tonnes, ten times higher than in 2023.
This growth, it said, is a direct result of a broader effort of the two governments to improve relationships and increase trade between the two countries.
Also noteworthy is the increase in exports to Lithuania, which reached 13,910 tonnes, which the analysis said shows the importance of EU seafood company Viciunai and Lithuania’s role as a regional distribution hub for Ecuadorian shrimp to markets in the Eastern part of Europe and Eurasia, such as Ukraine.
In terms of other re-processing hubs, exports to Thailand almost entirely halted while exports to Vietnam dropped. Exports to Guatemala, where Nueva Pescanova has its peeling operations, increased.
With regards to prices, Shrimp Insights identified a positive trend in shipments to China and Spain but a negative trend in the US. The average value per kilogram of exports to China (mainly HOSO) increased for the fourth month and reached $5.09 in December 2024. For Spain (mainly HOSO), the average value increased for the eighth month and reached $5.12/kg. The average value of exports to the US (mainly HLSO EZP and peeled) dropped to $6.58/kg.
