The price of shrimp on the world market has fallen below their cost

FAO warns of a crisis in the global shrimp market due to falling prices for this product. Farmers in Asia are slowing down production or abandoning it altogether because the price of shrimp does not cover the cost of growing it. Most Asian countries harvested shrimp harvests that were moderate or below average in the first half of 2023, reports the All-Russian Association of Fisheries Industry (VARPE), citing FAO data. The message, which sfera.fm has seen, explains that this is due to low demand for shrimp in most Western countries. Thus, according to FAO, global shrimp imports in the first half of 2023 decreased in most markets in North America and Europe, as well as in Japan and Australia. Total imports in the five largest markets (United States of America, China, European Union, Japan and the Republic of Korea) in the first half of 2023 were 21% lower compared to the same period last year and amounted to 675 thousand tons. At the same time, imports from China increased at a ...