W19: Shrimp Update

In W19 in the shrimp landscape, Egypt's shrimp imports decreased by 67.3% in February 2023, from $20.817M to $6.810M. Ecuador's farmed shrimp exports have increased significantly after China lifted its COVID-19 'zero tolerance' policy, despite efforts to reduce dependence on the Chinese market. US shrimp imports and values are declining, but prices may have reached the bottom. The top U.S. shrimp suppliers in March 2023 were India, Ecuador, Indonesia, Vietnam, Thailand, Mexico, Argentina, Peru, Bangladesh, and China. Shrimpers in the state of Louisiana in the United States rallied to put the State Government on notice about imported shrimp, asking for a ban or at least a cap to ensure they can make a living. In Guyana, South America, the production of black water shrimp has increased by 44.6%, resulting in over $274M in earnings. Brackish water shrimp production is concentrating in Region Six, with 37 farms developed and other places being considered. USD 349.6M was allocated in the 2023 budget to support the fishing industry in Guyana. Three manuals have been developed to guide brackish water shrimp production.

In Vietnam, shrimp farmers in the provinces of Tien Giang and Ca Mau are concerned about losses when prices fall by up to 30% MoM. It is reported that the 100 fish per kg is being bought by traders for USD 2.99-3.41/kg (VND 70K-80K/kg), a 30% decrease MoM. Investment costs have skyrocketed, with high-tech farming households losing millions. The Ministry of Agriculture and Rural Development blames the decline in exports on high inflation. The Ca Mau Department of Industry and Trade reported that the province's total export turnover in the first three months of 2023 was USD 275M, a 26% decrease YoY. The main export product, shrimp, has fallen sharply in major markets, with exports to the US, EU, and Japan falling by 62%, 31%, and 50% respectively. Shrimp processing and exporting enterprises in Vietnam face difficulties due to a lack of collateral, credit institutions, and high-interest rates. Meanwhile, the 'integrated shrimp-mangrove' ponds in Ca Mau, Vietnam have been praised for providing organic produce and stable yields, but the harvest in 2023 is down due to unusual weather. The Vice President of Indonesia, Ma'ruf Amin, will convey shrimp farmers' problems related to licensing and investment at the upcoming cabinet meeting. Shrimp is one of Indonesia's top exports, with an export value of USD 5B. The Vice President will seek solutions for two issues related to shrimp farming, such as the simplification of permits for conducting shrimp businesses and barriers in the field. The Chinese market has reopened, but exports are still falling, and commercial shrimp prices have also dropped sharply. China's shrimp imports in the Q1 of 2023 increased by 34%, reaching a record level of 105,687T. The average price of imported shrimp was USD 5.50/kg, up from USD 5.3/kg in MoM. Ecuador was the largest supplier, followed by India, Argentina, Saudi Arabia, Thailand, and Vietnam.

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