Sunday,  Sep 23, 2018,05:50 (GMT+7) 0 0
Shrimp prices forecast to bounce back in third quarter
The Saigon Times Daily
Thursday,  Jul 12, 2018,12:50 (GMT+7)

Shrimp prices forecast to bounce back in third quarter

The Saigon Times Daily

A man is seen at a prawn farm in the Mekong Delta – PHOTO: TRUNG CHANH

HCMC - Prices of unprocessed shrimp are expected to rebound in the third quarter of this year, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

Many local shrimp processors have clinched major deals for important events and festivals in late 2018, reported the local media.

Some major shrimp suppliers, such as India, Bangladesh and Thailand, have finished their peak harvest seasons and have restricted the next cultivation due to losses. Shrimp supply, therefore, may fall in the second half of 2018.

As a result, shrimp prices are forecast to bounce back. Experts have recommended farmers raise sizeable shrimp for  higher prices and avoid rushing to sell small shrimp. In addition, farmers should cultivate shrimp with sparse density to minimize possible risks and extend the harvest time while awaiting price hikes.

Farmers are also encouraged to apply new technologies in shrimp farming in line with international standards, focus on cooperative production to enhance product quality and reduce production costs. Meanwhile, shrimp processors should also concentrate on developing top-notch products and targeting high-end segments for higher prices and a more stable consumption volume.

Earlier, many international organizations had predicted that major shrimp suppliers in the world would recover their shrimp yield this year, with volume exceeding 3.5 million tons, creating a record high spanning the last decade. They also said many major suppliers had mapped out programs promoting shrimp farming. However, global shrimp consumption in the first half of 2018 plummeted, resulting in a price slump worldwide.

Affected by the global price fall, the prices of unprocessed shrimp and shrimp export value in the country slipped, particularly in the second quarter of this year, according to VASEP. In April, shrimp exports totaled US$275 million, down by 0.4% compared with the same period last year, and May saw a 5.7% year-on-year decrease to US$309 million.

The price slump mainly affected the shrimp export revenue in June as it plunged 15% against the same period last year to some US$280 million. The price of white-legged shrimp witnessed a sharp decrease of 20-30%, depending on size, and there has been no sign of recovery so far.

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