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3-Minute Market Insight

EP 698 | AIRED 07/08/2024

Argentine Red Shrimp Update: Summer Harvest Surge, Price Forecast, Ecuador Shrimp Competition

July 8th, 2024 - June marks the time of the year when Argentine red shrimp landings surge. Over the summer months from June to September, over 100,000 metric tonnes of Pleoticus muelleri will be harvested in Argentina.

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Fishing efforts will then take a break in October and November, then ramp back up in December and January.

To date this year, just over 70,000 metric tonnes of Argentine red shrimp have been harvested. Based on the five-year average annual landings of approximately 200,000 metric tonnes, the industry can anticipate an additional 130,000 metric tonnes to be landed by the end of the year.

Current pricing on the most popular extra large 10/20 count per kg L1 size looks to be about a dollar more than this time the last 2 years, whereas the smaller L2 to L4 sizes are lower than this time the last 2 years.

Argentine Red Shrimp Update: Summer Harvest Surge, Price Forecast, Ecuador Shrimp Competition

Historical price trends show that pricing right now is at its peak for the year, and will begin its downward slide towards the end of the year.

Regarding tariffs and duties, although the U.S. expanded its ban on Chinese seafood products over forced labor concerns, impacting some Argentine red shrimp processed in China - The Southern Shrimp Alliance estimates that about 32% of the Argentine red shrimp imported by the U.S. in 2023 was processed in China.

Although this may seem like an obstacle, Argentine red shrimp to the EU has seen consistent demand, and has experienced an uptick. Additionally, the reopening of the Brazilian market has also been a major boost for the Argentine shrimp sector.

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As well, after many years in a Fisheries Improvement Project, the Argentine red shrimp fishery has just entered the MSC certification assessment process, and speculation is that it could be MSC certified by the end of 2024.

Argentine Red Shrimp Update: Summer Harvest Surge, Price Forecast, Ecuador Shrimp Competition

Regarding any impacts from ongoing geo-political issues such as antidumping rates between the U.S. and Ecuador shrimp, is a “wait and see” scenario. However, Ecuadorian shrimp producers are said to be increasingly shifting from whole shrimp towards value-added, which could open the door for more markets for Argentinian red shrimp.

Our recommendation is to talk to your Tradex Foods Business Representative about Argentine Red Shrimp opportunities.

Argentine Red Shrimp Update: Summer Harvest Surge, Price Forecast, Ecuador Shrimp Competition

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