Antidumping and countervailing duties, as well as relatively stagnant growth in production, will negatively impact the global shrimp market this year, experts said at the 2024 Global Seafood Marketing Conference (GSMC), which took place from 23 to 25 January in Orlando, Florida, U.S.A.
Since the U.S. International Trade Commission (USITC) said it would maintain antidumping duties on shrimp from India, China, Thailand, and Vietnam in June 2023, import/export businesses are facing significant uncertainty and disruption to their operations.
Ecuadorian-origin shrimp will be diverted from the U.S. market from April to May of this year until preliminary duties are released, Omarsa CEO Sandro Coglitore said during GSMC’s shrimp panel.
“This will be the biggest threat in the U.S. market in 2024,” Coglitore said. “No one knows how it is going to go; it’s impossible to see what is coming out there.”
At the same time, global vannamei shrimp production is slated to experience little to no growth in 2024 after Ecuadorian, Chinese, and Brazilian producers saw significant production upticks last year.
Global vannamei production grew 4.5 percent in 2023, reaching 5.15 million metric tons (MT), but will fall slightly to 5.1 million MT in 2024.
Producers in Ecuador have been “very resilient,” Coglitore said, after modifying their production techniques and boosting output 12 percent to 1.45 million MT in 2023. In 2024, Ecuador’s vannamei production, similar to global trends, is expected to remain flat at 1.45 million MT.
Those modified production techniques entailed ...
Photo courtesy of Christine Blank/SeafoodSource
