Vietnam Shrimp Prices Peak 10 Year-High on Material Scarcity
Vietnamese shrimp prices have reached the highest level over the past 10 years due to a scarcity of materials, said Le Van Quang, general director of Minh Phu Seafood Corporation.
The export prices of Vietnamese shrimp continued rising in the past six months to between $10 and $13 a kilogram currently, up 20%-30% from a year earlier.
In the domestic market, raw prawn shrimp is offered at around $7.3-$9.4/kg, while white-legged shrimp is offered at $3/kg, up nearly 50% compared to the previous year, the director said.
Despite the price hikes, local shrimp processors have struggled for the serious shortage of materials, which resulted from prolonged hot weather and diseases, the director said, adding that the factories are running at only 40%-60% of their full capacity.
The prices will continue to surge in the coming months on high demand but weak supply from the U.S., the trader predicted.
The U.S., the world biggest shrimp consumer which a total expense of $15 billion yearly, is facing a scarcity of material after the oil spill in the Gulf of Mexico that reduced the country’s aquaculture and fishing output, the trader added. (Youth)
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