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W20: Shrimp Update

Updated May 26, 2023
W20: Shrimp Update

In W20 in the shrimp landscape, it was reported that the shrimp prices fell by up to 30% in the Mekong Delta provinces of Tien Giang and Ca Mau, threatening losses to southern farmers due to lower demand in major export markets, rising inflation, and a drop in consumption in the E.U. and the U.S. Shrimp exports to China fell by 40% YoY in Q1. Ca Mau province is projected to develop an area of 250,810ha for black tiger shrimp farming and 9,190ha for white leg shrimp farming. The demand for quality shrimp seed should be high, with 27.8B fingerlings of black tiger shrimp and 23.5B white leg shrimp needed to meet production goals of 328KT/year. The seafood export situation in Vietnam has been difficult, with exports only reaching USD 891M and the average export price of shrimp being USD 10.6/kg. The price of the raw shrimp purchased by local consumers has also dropped. VASEP reported that the success rate of shrimp farming in the Mekong Delta is low due to EHP, white spot disease, and acute hepatopancreatic necrosis. Additionally, the water environment affects the disease outbreak, as farmers often cultivate with high density and dead shrimp and leftover food from organic matter on the bottom of the pond, creating favorable conditions for disease development. In Indonesia, the BPKP Representative for Lampung Province visited the Bumi Dipasena shrimp farm to evaluate the revitalization of shrimp ponds in Lampung. They met the management and representatives of shrimp cultivator farmers and held joint discussions, and interviewed them about their cultivation, production, and constraints. The Regent of Bone Bolango in Indonesia has invited Tolotio Village, Bone Pantai District to continue cultivating vannamei shrimp to boost the community's economy, estimated the harvest to reach 2T and the production to reach USD 6.7K. Thailand's production of whiteleg shrimp and tiger prawns is expected to increase in 2023 due to better farm management and prices. Whiteleg shrimp production will rise by 1.2% to 376KT, while tiger prawn output will reach 19KT.

The Q1 of 2023 saw a sharp decrease in US shrimp imports due to the holiday season, with India and Ecuador accounting for 35% and 28% of the market share respectively. In Ecuador, the shrimp exports exceeded crude oil by USD 202M in the Q1 of 2023, making it the main 'commodity' or unprocessed product in Ecuador's exports. Oil production has been low due to community protests. The Minister of Fisheries and Aquaculture in Ecuador has reported a significant increase in shrimp production for 2023, projected to reach 40KT. Asoproco also reported a 25% growth due to the development and export of shrimp. Lastly, the USD 200M Texas offshore shrimp fishing industry is facing competition from farmers on the coast and further inland, but aquaculture is bridging the gap to meet consumer demands. Shrimp is the U.S.'s favorite seafood, with the average American eating more than USD 5 annually. 

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