Chinese shrimp imports fall 6.7% in 2024, but recover at year-end: customs

Chinese shrimp imports in full-year 2024 decreased 6.7% from 2023, although volumes in December increased on the year, according to customs data, raising hopes of a recovery in the country's shrimp consumption.

Inbound volumes of shrimp in the country totaled 1 million mt in 2024, compared with 1.07 million mt in 2023, the customs data showed.

"In 2024, China's imports of shrimp lagged behind 2023 levels primarily due to macroeconomic difficulties and reduced domestic shrimp prices, resulting in a notable decline in demand," Max Bouratoglou, analyst at S&P Global Commodity Insights, said.

During the year, Ecuador was the largest provider of shrimp to China, with 67.2% of the total imported volume, followed by India with 14%.

However, Chinese shrimp imports in December 2024 alone increased 28% year on year to 101,386 mt, reaching the highest level since January 2024, when imports totaled 104,176 mt, the data showed. The December import volume also rose from November, when imports totaled 92,671 mt, which was 12% higher on the year.

Ecuador was the largest origin market for shrimp imports to China in December, providing 63% of the total volume, or 63,967 mt. India was the second largest, having shipped 12,916 mt, or 12.74% of the total Chinese imports in the month.

China is the largest buyer of shrimp globally, but consumption was slow for most of 2024 amid weak economic and real estate performance. But imports of the product rose in the last two months of the year on an annual basis, which could be an early sign of a rebound, according to analysts.

"While the market outlook has improved since earlier in 2024, it remains too soon to declare a complete recovery," Bouratoglou said.

Ecuador-based exporters were not yet optimistic, with shrimp prices having declined in January and few trades reported to China.

The Platts Ecuador Shrimp Marker from S&P Global Commodity Insights was assessed at $5,300/mt FCA on Jan. 21, steady from the previous day, but down by $500 from the Dec. 2, 2024, assessment at $5,800/mt FCA.