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Tuesday, May 21, 2024

Weak demand drives down shrimp prices

The Saigon Times

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HCMC – Shrimp farmers in the Mekong Delta are facing losses as shrimp prices have plunged by 30% within a month.

A survey showed prawns are sold at around VND70,000-80,000 per kg of around 100 pieces, slumping by 30% against the previous month.

The prices of shrimp that weigh one kilogram of 30-40 pieces also dipped by 20% month-on-month to VND108,000-135,000, despite rising input costs.

The steep fall in prices has piled pressure on shrimp farmers in the Mekong Delta provinces of Soc Trang, Tra Vinh, Tien Giang and Ca Mau, the local media reported.

An immediate recovery of shrimp prices is not in sight.

The Ministry of Agriculture and Rural Development attributed the shrimp price plunge to weak demand amid abundant supplies.

According to the Vietnam Association of Seafood Exporters and Producers, many local enterprises are grappling with difficulties caused by weak demand in Vietnam’s key shrimp export markets, such as the U.S. and Europe, due to rising inflation.

Though China has reopened its economy, shrimp shipments to the northern neighbor in the first quarter of the year plummeted by 40% against the same period in 2022 at over US$54 million, showed customs data.

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