For the week for April 21-25, prices for 60 per kilogram count shrimp were THB 235/kg; 70/kg count was THB 195-215/kg and 80/kg count was 180-193/kg.
The previous week, the prices were higher.
From April 17-19, prices for 80/kg size shrimp raw material were 198/kg, after the closure of the market due to the Thai New Year holidays, the water festival. Prices for 70/kg shrimp were THB 220-246/kg, with no prices for 60/kg shrimp, due to a lack of availability.
At the peak of the market, 80/kg hit THB 263 in Dec. 9-14 last year; 70/kg hit THB 260-273/kg between Oct. 21-26; and 60/kg hit THB 280/kg the same week.
Packers and farmers in Thailand, hit hard by EMS, have been trying to cool off prices, which finally seems to be happening.
As a result, shrimp buyers in the US and Europe are sitting back on orders and waiting for raw material and finished product prices to fall further.
“You are a strong buyer when you don’t need to buy. That is the case at the moment, I think there is a lot of stock in the system that needs to be sold through, as it was bought at the higher prices,” said a source with one UK shrimp buyer.
Shrimp buyers in the US are also in wait-and-see mode, wary of today’s unpredictable market, as a price softening trend continues.
What will will happen next is the looming question, considering supplies are set to increase in a market that is already declining.
“A collapse? Maybe not, but the reality is that all of the rules have changed so much that no one can predict anything right now,” a veteran US importer of Latin American shrimp, wishing to remain unnamed, told Undercurrent. “With that said, I am holding off on some purchases right now to see if things will continue downward.”
(seafood.vasep.com.vn) The US remains Vietnam’s largest single market for shrimp imports, accounting for 20% of Vietnam's total shrimp exports globally. As of October 15th, 2024, Vietnamese shrimp exports to the US reached nearly 600 million dollas, marking a 10% increase compared to the same period in 2023.
(seafood.vasep.com.vn) According to Vietnam Customs, pangasius exports to Canada reached over 1 million USD in the first half of October 2024, a 33% decrease compared to the same period last year. However, by October 15, 2024, total pangasius exports to Canada had reached 32 million USD, reflecting a 10% increase compared to the same period in 2023.
(seafood.vasep.com.vn) Cà Mau is accelerating its digital transformation, developing green industries, and promoting high-tech processing of agricultural and aquatic products, with a focus on sustainable economic growth and environmental protection.
(seafood.vasep.com.vn) The Dong Thap Pangasius Festival 2024, themed 'Dong Thap Pangasius: Green Journey - Green Value', will take place on November 16-17 in Hong Ngu City.
The positive business momentum in the domestic seafood sector could last into the first half of 2025, according to experts.
(seafood.vasep.com.vn) In the first three quarters of 2024, brackish water shrimp production exceeded 1.1 million tons, with export revenue reaching $2.8 billion. The seafood industry has set a target of $4 billion for shrimp exports for the entire year.
While the price of 1 kg of shrimp hovers around 20 USD, the value of 1 kg of chitosan—extracted from shrimp—can soar to 500 USD. This highlights a significant challenge within the seafood processing industry.
(seafood.vasep.com.vn) By October, Vietnam's shrimp exports had generated nearly $3 billion, reflecting an increase of over 10% compared to the same period last year. Shrimp remains the leading commodity contributing to the export turnover of the entire seafood industry.
(seafood.vasep.com.vn) Sao Ta Foods Joint Stock Company (FIMEX VN - HoSE: FMC) concluded Q3/2024 with significant growth in revenue. Specifically, Sao Ta Food recorded revenue of VND 2,845 billion, a 58.6% increase year-on-year. The company's profit after tax reached VND 95 billion, up 6.2%.
VASEP's Seafood Export Report for the third quarter of 2024 provides a comprehensive overview of Vietnam's seafood export performance in the first nine months, with impressive results reaching $7.2 billion—an increase of 9% over the same period last year. In the third quarter alone, seafood exports grew by 15%, totaling $2.8 billion. This growth is attributed to a recovery in demand and prices in key markets such as the U.S. and China, as well as the competitive advantage of value-added products in markets like Japan and Australia.
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