China Imports All Argentine Red Shrimp

date of issue:2019-07-15     Source: Agrow
According to data from the international trade center (ITC), all imports of Argentine red shrimp (HS CODE 030617) totaled 185,440 tons in 2018, up 1.17 percent year-on-year and basically unchanged from 2017. Exports reached $1.30 billion, up 8.36% from a year earlier. In 2017, the figure was 20%, indicating that the global export growth of Argentine red shrimp is gradually slowing down, which is more favorable for the sustainable development of the species.

Among them, the top three importers are Spain, China and Italy. In 2018, China imported 47,148 tons of all Argentine red shrimp, 13,114 tons more than in 2017 and up 38.5 percent year-on-year. Imports were $336 million, up 51.7 percent from a year earlier. It is learned that the average price of Argentine red shrimp rose by 7.1% in 2018, and the import cost of the global and even the Chinese market increased. Analysis of the seafood guide suggests this may have something to do with a 2018 strike by Argentine port workers.

In terms of the import ratio of the two countries, in 2017, China: Vietnam imports 34,034 tons: 11,349 tons =3:1, and in 2018, this ratio is 47,148 tons: 4,824 tons =9.8:1. The change of this ratio indicates that the proportion of all imports of Argentine red shrimp in the Chinese market has increased significantly in 2018.

The import of red shrimp has been recognized by domestic importers. According to feedback from domestic importers, there were still some smuggled red shrimp in the domestic market in 2017, while almost no smuggled red shrimp were seen in the domestic market in 2018.

Argentina's exports of red shrimp have been growing from 2014 to 2018, thanks to rising international prices and strong demand from the Chinese market. According to the international trade center (ITC), China's imports grew much faster than those of Spain and Italy in 2017/2018 (see chart below), while Japan's imports of Argentine red shrimp even fell in 2018.

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