Russia increases frozen shrimp shipments to China 2.6% to $122.4 million - Agroexport

MOSCOW. June 18 (Interfax) - Russia shipped $122.4 million worth of frozen shrimp to China in 2023, which is 2.6% more than in 2022 ($119.3 million), a review from the Agriculture Ministry's Agroexport Center said.

Russia was the seventh largest country exporting frozen shrimp to China with a share of 2.1%. Most Russian shrimp (up to 60% of the total volume in physical terms) enter the Chinese market via transit through the Republic of Korea.

Ecuador supplied the most frozen shrimp to China in 2023, at $3.5 billion (60% of all shrimp imports). Other major suppliers include India (13.4%), Thailand (4.4%), Argentina (3.9%) and Canada (3.6%).

The largest increase in shrimp shipments in 2023 was from Argentina, which increased exports nearly 60%. Meanwhile, Vietnam (by 65.7%), India (by 14.2%) and Saudi Arabia (by 20.1%) saw significantly reduced shipments.

China purchased the most expensive products from Russia in 2023, at $21,607 per tonne (3.9 times higher than the average price). "Russian frozen shrimp are premium products in foreign markets, especially in China, which leads to the high price. Unlike warm-water aquaculture shrimp from Thailand, Vietnam and Ecuador, products from Russia have a richer taste and larger size," Agroexport said.

Shrimp from Thailand cost $10,029 per tonne (1.9 times the average price). The most competitive prices were for imports from Saudi Arabia, at $4,768 (14.8% lower than the average price) and Peru, at $5,013 (10.4% lower).

China imported 1.057 million tonnes of frozen shrimp in 2023 compared to 945,900 tonnes in 2022.