India’s Shrimp Exports To U.S. Fall For The First Time In At Least 18 Months
India’s shrimp exports to the U.S. declined for the first time in over a year in June as a long winter in its key market led to softer demand and higher inventory.
The country’s shrimp exports to the U.S. during the month fell nearly 2 percent in volume terms, according to the latest data released by the U.S. Census Bureau and the U.S. Bureau of Economic Analysis.
Total shrimp imports in the U.S. fell 8 percent in June to 49,400 metric tonnes. Indonesia is the only country which has reported growth in exports during the month.
A fall in demand for shrimps has put further pressure on realisations, which dropped for the eighth consecutive month. Realisations fell to $8.67 a kilogram in June, according to the data.
A report by Equirus Securities, however, suggests that this trend is likely to reverse as demand for shrimps in the U.S. has picked up again and is expected to get normal in the second half of the year as the festive season approaches.
It also said shrimp prices are rising, while those of key raw materials have started to moderate in the last few weeks. Earlier, falling shrimp prices and rising raw material costs led to a sell-off in the stocks of shrimp exporters and allied companies.
Avanti Feeds Ltd., Apex Frozen Foods Ltd. and The Waterbase Ltd. have declined in the range of 37-43 percent so far this year on the back of these concerns. While Avanti Feeds and Waterbase are shrimp feed producers, Apex Frozen Foods exports shrimps.