Members’ Trade Data Analysis: Ecuador April 2020 SummaryMay 27, 2020
Shrimp exports from Ecuador seem to have had a good start to Q2, despite the fact that Ecuador’s shrimp sector was, and continues to be, greatly affected by COVID-19 on multiple levels. Processing slowed in Ecuador, international transportation logistics became harder and the restaurant industries in Ecuador’s main markets closed (completely) to fight the spread of the virus. Despite this, Ecuador managed to increase its export volumes at the beginning of Q2 as is visible in April’s trade data.
Total volumes exported reached 57,947 tonnes in April, 5,415 tonnes more than the volume exported in March (which had a YOY drop). On a year-on-year comparison, volumes traded in April 2020 are 4% higher than the volume trade in the same period last year.
Since April, the spread of the outbreak has been more controlled, processors increasingly resumed regular operations and money worries forced people back to work, despite the health risks. At the same time, the Chinese market has shown signs of recovery, though sources in China have told us that demand is still low, stock levels in cold stores are still quite high and imports are not expected to fully recover for the next few months- particularly those destined for the foodservice sector.
The European hospitality industry is currently planning for its reopening, though at reduced capacity, but the US has yet to show signs of reopening. As Ecuador continues to improve its production rate, exporters are pinning their hopes on the full and speedy recovery of their main market, China.
Despite this, what is too early to call a “turning point”, the next few months have challenges ahead as seafood production in COVID-hit countries is ramping up faster than the hospitality industry’s consumption.
This summary offers you a sneak peek at Ecuador’s Trade Data Analysis for April 2020. Members, find the full report in your library, which includes the breakdown of US imports by country and volume, and price developments over the first quarter of the year.
Not a member yet? Get in contact at [email protected] or get a (trial) membership, through https://seafood-tip.com/become-a-member/, and start receiving unbiased and actionable analysis of the current state of the industry. With the facts and figures we gather and our network of industry experts, we keep our members up-to-date with the rapidly fluctuating prices and import/export trends between major shrimp and seafood markets.
If you want to dive into how COVID-19 affected major shrimp markets and producing countries, read the latest edition of ShrimpTails, free- https://seafood-tip.com/shrimptails/