The association said shrimp output of major global producers was predicted to reach 3.5 million tonnes in 2018, marking the highest output over the past decade. The increase in world shrimp production was due to the growth in major suppliers such as India, Ecuador, China, Vietnam and Indonesia. In that situation, importers would create pressure to reduce prices, leading to declines on the global and domestic market, it said. Truong Dinh Hoe, VASEP’s general secretary, said the global shrimp supply had risen sharply in the first few months of this year, while shrimp inventories in the US and among local businesses remained high. VASEP reported that the US had a high inventory after US shrimp imports increased by 10 per cent in 2017 and 15 per cent in February this year. The drop in prices hit not only Vietnam but also other shrimp suppliers such as Ecuador, Thailand and Indonesia, causing problems for many farmers, Hòe said. Nguyen Thi Hai, a shrimp trader in Binh Dai District, Ben Tre Province, said the price of shrimp dropped by between VND40,000 and VND50,000 per kilo for all sizes to VND130,000 per 30-unit kilo (30 shrimps per kilo), VND110,000 per 40-unit kilo… Read full this story
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