The catastrophic earthquake and tsunami that rocked Japan on 11 March is sure to impact the global shrimp market, as Japan is the world’s No. 2 shrimp importer, behind the United States.
Japanese shrimp imports had been trending upward, increasing in each of the last three years and reaching 205,345 metric tons (452.7 million pounds) last year, the highest total since 2007’s 207,257 metric tons (456.9 million pounds), according to the National Marine Fisheries Service.
But the earthquake and tsunami, which brought trade in Japan to a virtual standstill and wiped out key fishing ports in the country’s northeast region, is sure to hamper the country’s shrimp purchases, at least temporarily.
Reduced demand out of Japan may alleviate pressure on the world’s shrimp supply. Rising commodity and fuel prices — as well as a tight supply picture last year — are driving up shrimp prices worldwide.
So far this year, U.S. shrimp imports are showing no sign of letting up. Imports neared 100 million pounds in January, up 8.6 percent from January 2010 and the highest January total since 2008 when they topped 107 million pounds. What’s more, shrimp imports had increased in seven of the last eight months through January (in September they fell a mere 0.7 percent). That’s a big improvement from late 2009 and early 2010, when shrimp imports dropped in 10 of 11 months.
At press time in mid-March, the catastrophe in Japan hadn’t yet had an impact on shrimp prices in the U.S. market. Raw, shell-on, head-off Pacific whites raised in Asia were holding firm in the mid-USD 6 range for 16-20s, mid-USD 5 range for 21-25s, mid-USD 4 range for 26-30s, high-USD 3 range for 31-35s and mid- to high-USD 3 range for 36-40s and 41-50s.
