Shrimp Price in the Philippines - 2023
Contents:
- Shrimp Price in the Philippines (FOB) - 2023
- Shrimp Price in the Philippines (CIF) - 2023
- Shrimp Exports in the Philippines
- Shrimp Imports in the Philippines
Shrimp Price in the Philippines (FOB) - 2023
In May 2023, the average shrimp export price amounted to $8,367 per ton, rising by 3.4% against the previous month. Over the period under review, the export price showed a relatively flat trend pattern. The growth pace was the most rapid in February 2023 an increase of 27% against the previous month. Over the period under review, the average export prices reached the peak figure at $9,551 per ton in July 2022; however, from August 2022 to May 2023, the export prices remained at a lower figure.
There were significant differences in the average prices for the major export markets. In May 2023, the country with the highest price was Hong Kong SAR ($13,906 per ton), while the average price for exports to the United States ($2,397 per ton) was amongst the lowest.
From May 2022 to May 2023, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (+16.5%), while the prices for the other major destinations experienced more modest paces of growth.
Shrimp Price in the Philippines (CIF) - 2023
In May 2023, the average shrimp import price amounted to $8,483 per ton, picking up by 10% against the previous month. Over the period under review, import price indicated a strong expansion from May 2022 to May 2023: its price increased at an average monthly rate of +7.7% over the last twelve-month period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on May 2023 figures, shrimp import price decreased by -8.2% against March 2023 indices. The most prominent rate of growth was recorded in December 2022 when the average import price increased by 93% month-to-month. Over the period under review, average import prices reached the peak figure at $9,237 per ton in March 2023; however, from April 2023 to May 2023, import prices failed to regain momentum.
There were significant differences in the average prices amongst the major supplying countries. In May 2023, the country with the highest price was Vietnam ($9,544 per ton), while the price for China stood at $6,223 per ton.
From May 2022 to May 2023, the most notable rate of growth in terms of prices was attained by China (+13.8%).
Shrimp Exports in the Philippines
In 2022, approx. 4.4K tons of shrimps were exported from the Philippines; rising by 29% on the previous year's figure. In general, exports, however, saw a deep downturn.
In value terms, shrimp exports rose sharply to $31M in 2022. Overall, exports, however, showed a deep slump. The most prominent rate of growth was recorded in 2021 with an increase of 32% against the previous year.
| Export of Shrimp in the Philippines (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Japan | 17.4 | 9.4 | 14.5 | 14.5 | -5.9% |
| United States | 8.3 | 4.2 | 4.4 | 5.5 | -12.8% |
| South Korea | 5.4 | 2.6 | 3.4 | 3.7 | -11.8% |
| France | 2.3 | 1.6 | 1.4 | 1.8 | -7.8% |
| Taiwan (Chinese) | 3.4 | 0.4 | 0.9 | 1.5 | -23.9% |
| Hong Kong SAR | 1.0 | 0.5 | 1.0 | 1.0 | 0.0% |
| United Kingdom | 1.8 | 0.5 | 0.1 | 0.8 | -23.7% |
| United Arab Emirates | 1.1 | 0.2 | 0.2 | 0.5 | -23.1% |
| Kuwait | 0.9 | 0.4 | 0.1 | 0.5 | -17.8% |
| Others | 2.0 | 0.9 | 1.4 | 1.3 | -13.4% |
| Total | 43.4 | 20.8 | 27.4 | 31.1 | -10.5% |
Top Export Markets for Shrimp from the Philippines in 2022:
- Japan (1660.2 tons)
- United States (904.5 tons)
- South Korea (457.2 tons)
- United Kingdom (280.7 tons)
- France (217.0 tons)
- Taiwan (Chinese) (188.2 tons)
- Kuwait (171.9 tons)
- United Arab Emirates (97.9 tons)
- Hong Kong SAR (76.7 tons)
Shrimp Imports in the Philippines
In 2022, the amount of shrimps imported into the Philippines surged to 3K tons, rising by 42% on the previous year. Overall, imports, however, continue to indicate a abrupt curtailment. The pace of growth was the most pronounced in 2021 with an increase of 49%.
In value terms, shrimp imports surged to $23M in 2022. In general, imports, however, saw a deep contraction.
| Import of Shrimp in the Philippines (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Vietnam | 12.6 | 4.7 | 7.2 | 11.1 | -4.1% |
| China | 10.2 | 4.6 | 4.5 | 8.7 | -5.2% |
| Indonesia | 2.5 | 0.5 | 1.4 | 2.0 | -7.2% |
| Others | 1.0 | 0.5 | 0.6 | 0.8 | -7.2% |
| Total | 26.4 | 10.3 | 13.7 | 22.6 | -5.0% |
Top Suppliers of Shrimp to the Philippines in 2022:
- China (1394.8 tons)
- Vietnam (1289.9 tons)
- Indonesia (242.2 tons)
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