Global shrimp prices stabilizing at “unfavorably low levels”

Bags of raw and cooked frozen shrimp.

Global shrimp prices are stabilizing at “unfavorably low levels,” pushing many farmers into loss-making situations.

Raw vannamei exports from India were pulling in an average of USD 6.32 (EUR 5.80) per kilo in September, down from USD 7.54 (EUR 6.92) in September 2022 and from USD 6.55 (EUR 6.01) in July 2023 – but up slightly from the USD 6.29 (EUR 5.77) it pulled in in August 2023, according to Shrimp Insights Founder Willem van der Pijl. 

As inflation has cooled, the U.S. market has been warming up, importing more shrimp year over year in August and September. But the Chinese market has been tepid, with economic problems including stalled real estate development, defaulting developers and falling home prices contributing to lower demand.

China’s reported GDP growth was 5.2 percent for September, slightly ahead of projections. Looking forward, however, the International Monetary Fund's November World Economic Report cut its expectations for Chinese growth, noting China's troubled property sector poses a risk to both the domestic economy and the commodity exporters that rely on Chinese demand. And the Chinese government has thus far been slow to add to the country’s debt pile by announcing fiscal stimulus packages aimed at lifting growth.

China Aquatic Producers Promotion and Marketing Association (CAPPMA) Secretary General Cui He said China is currently facing …

Photo courtesy of Claire Lucia/Shutterstock

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