The US continued to build on its epic shrimp inventory in April and finished the first four months of 2018 as much as 13% ahead of its 2017 pace, but the foot appears to be coming off the accelerator, based on an analysis of the latest data from the National Oceanic and Atmospheric Administration (NOAA).

The total of 47,589 metric tons of shrimp imported during April represented a 4% increased over the same month in 2017.

But that's not the same pace of growth that was kept during the first three months of the year. The 61,593t of shrimp imported in January was a 20.5% increase year-on-year and the 47,568t imported in February was a 14.7% increase. The 45,979t imported in March was a 12.5% increase. 

The total value of shrimp imports in April was $453 million, 3% more than the $440m value of the April 2017 imports, based on NOAA data. The $9.45 paid per kilo in April, however, was 17 cents less than what was paid a year ago.

Still leading the charge, however, is India, which sent the US 16,869t, 22% more than the same month in 2017 and 13% more than the 14,950t sent over in March. Through the first quarter, India was 31% ahead of its 2017 schedule.

Indonesia similarly has its foot to the floor in 2018. The US’ second largest source of shrimp sent it 11,101t in April 2018, 29% more than in April 2017. Indonesia finished the first quarter 21% ahead of its 2017 pace, based on NOAA’s figures.

 Dropping prices

According to Undercurrent News , the prolific shrimp import numbers are a continuation of 2017, when the US brought in 664,000t worth $6.54 billion, a roughly 10% increase in volume and 12% jump in value over the previous year.

But the massive amount of shrimp hitting the US and the rest of the world has been doing a number on prices and is leading several countries to openly discuss reducing production.

Indian shrimp industry leaders were quoted by India’s Financial Express  in April as suggesting that, if the downward trend in shrimp prices continues for the next two months, a 20% drop in production could be expected this year. And Durai Balasubramanian, secretary of the Pattukottai Shrimp Farmers Association in Tamil Nadu, told Undercurrent this week that farmers have been stocking lower volumes.

In India, prices were at close to an all-time low for week 21, but increased in week 22 (May 28-Jun 2, 2018. For 100 count shrimp, prices went from INR 165 per kilogram to INR 180/kg, with increases of between INR 10-15 across all sizes.

Similar reports of pressure to reduce production have come from Vietnam, where the Vietnam Association for Seafood Exporters and Producers has advised shrimp farmers to ease up.

The prices for a kilogram of vannamei shrimp in the first quarter of 2018 dropped by 10% compared to the same period last year. In April, the prices of shrimp dropped by VND 20,000 ($0.88) per 70-unit kilo to VND 110,000-120,000.

Still, the US imported 3,708t of shrimp from Vietnam in April 2018, 13% more than the 3,291t it sent the US in April 2017. Vietnam is 2% ahead of its 2017 pace.

Ecuador and Thailand similarly have slowed down their shrimp exports to the US.

Ecuador sent the US 5,079t of shrimp in April 2018, 22% less than the 6,488t it sent in April 2017. Ecuador remains 7% ahead of its 2017 pace.

Thailand sent the US 3,512t of shrimp, 11% less than the 3,957t sent in April 2017 and is 2% off last year's pace.