Opinion
W16: Shrimp Update
Published Apr 28, 2023
In W16 in the shrimp landscape, Mr. Le Van Quang, General Director of Minh Phu Seafood Corporation, discussed the current problems of the shrimp industry in Vietnam, where the cost of raw shrimp is 30% higher than in India and more than double compared to Ecuador. The shrimp industry in Vietnam is losing up to USD 426M (VND 10T) annually due to the cost of controlling antibiotics from farming areas to processing plants. In Vietnam, shrimp exports to some main markets decreased by double digits in March 2023, with exports to Japan and South Korea decreasing by 20%, and to the US, the EU, and China by 40%. In Singapore, NTUC Fair Price Group imported 3Kkg of live tiger prawns from Malaysia at a low price to ensure a sufficient supply of local seafood during Hari Raya. Australia is Vietnam's second-largest shrimp import market, accounting for 27% of exports. In Italy, the rise in fuel costs has caused a decrease in seafood supply, leading to higher prices for red prawns and pink prawns. Red prawns are currently trading at USD 63,64/kg wholesale price, while pink prawns are marginally stable due to regular imports from Argentina. Researchers found that tiger shrimp kept in an acidic environment had lower amino acid content and higher mortality rate than those kept in normal seawater. Rising ocean acidity is linked to a decline in shrimp quality and a high mortality rate, which could have major implications for Taiwan's aquaculture industry.