China shrimp market is weak, frozen white shrimp imports fell 13% in October

China's imports of frozen white shrimp declined significantly in October, down 13 percent year-on-year to 70, 217 tons, according to the latest data released by China Customs.  This data undoubtedly adds another layer of haze to the already depressed shrimp market. 

From the specific data point of view, although compared with September, October's total imports showed a month-on-month growth of 6%, but this small recovery did not cover up the overall market decline trend.  Compared with the same period last year, the decrease in import volume is still very obvious, indicating that domestic consumer demand for shrimp products is weakening. 

Ecuador, as one of the main shrimp suppliers to China, has also been affected by market weakness in the China market.  Ecuador's shrimp imports to China fell 4% year-on-year to 52, 507 tons in October.  Despite the decline in imports, Ecuador's share of China's shrimp import market is still around 75 per cent, demonstrating its important position in the China market.  However, Ecuadorian shrimp imports also showed a 9% year-on-year decline compared to imports, which further exacerbated the market weakness. 

India's shrimp supply to China has fallen more significantly than Ecuador's.  India's shrimp supply to China fell 42% year-on-year to 8, 924 tonnes in October.  However, it is worth noting that despite the sharp decrease in supply, the price of Indian shrimp has risen to US $5.88/kg, up 6% from the same period last year.  This price increase may reflect the increasing scarcity of Indian shrimp in the China market and suppliers 'price adjustment strategies. 

At the same time, Indonesia and Thailand showed different trends in the shrimp import market of China.  Shrimp sales in Indonesia surged 132% year-on-year to 1,344 tons in October.  Despite a 28% drop in unit value to US$5.64/kg, the significant increase in sales still shows Indonesia's increasing competitiveness in the China market.  Shrimp sales in Thailand increased slightly by 3 percent to 2,118 tons, showing a relatively stable market performance. 

Overall, China's shrimp import data for January-October highlighted the weakness in the market.  Total imports fell by 11 per cent to 746,510 tonnes compared with the same period last year, while imports fell even more sharply by 21 per cent to $3.63 billion.  In the future, will China's shrimp import market turn around?  This is a question worthy of in-depth discussion.