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“Ecuador's Shrimp Export Dynamics in February 2024"
During February 2024, Ecuador maintained its significant role in the global shrimp trade, despite facing notable challenges. Notably, the country shipped 102.9 million pounds of shrimp to China, yielding USD 211.7 million (EUR 195.3 million) in revenue. However, this marked a decline of 21.5 percent in volume and 32.3 percent in value compared to the same period last year.
In contrast, Ecuador experienced positive growth in its shrimp exports to the United States, with shipments totaling 43.3 million pounds and generating USD 117.4 million (EUR 108.3 million) in revenue. This represented increases of 30.3 percent in volume and 26.8 percent in value year over year.
Furthermore, Ecuador expanded its presence in the European shrimp market, exporting 39.2 million pounds of shrimp valued at USD 86.3 million (EUR 79.6 million). This marked a respective increase of 25.3 percent in volume and 12 percent in value compared to February 2023.
However, Ecuador's shrimp industry faces mounting challenges, including the recent imposition of countervailing duties by the United States. These duties, which came into effect on 3 April, pose additional hurdles for Ecuadorian exporters, impacting their competitiveness in the U.S. market. Moreover, factors such as suppressed international prices, irregular weather conditions driven by El Niño, proposed tax increases, rising logistics costs, and persistent crime rates add further complexities, indicating a challenging outlook for the sector in the coming year.
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