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Shrimp stocks in India surge amid political chaos in seafood rival Ecuador

Shrimp stocks in India are seeing a surge amid ongoing political chaos in Ecuador – a top seafood exporter.

Ecuadorian seafood companies have been experiencing supply disruptions since the prison break of two major drug trafficking ringleaders. Following the escape, President Daniel Noboa “ordered a nationwide manhunt,” as Bloomberg reports.

With organized crime on the rise in Ecuador, a number of industries have been experiencing difficulties, most notably shrimp exports.

“With the ongoing political situation in Ecuador and reports of the shrimp industry facing higher taxation, Indian firms have a chance to capture the supply shortfall,” said Kranthi Bathini, a strategist at Mumbai-based WealthMills Securities.

Now that Ecuador is facing higher taxation for seafood shipments, India may take over the market after years-long stagnation.

According to market reports, the chaos in Ecuador resulted in an 11% rise in shrimp stocks for Avanti Feeds Ltd., while Apex Frozen Foods Ltd. and Waterbase Ltd. marked a rise of 7% and 12%, respectively.