Economic News Update: Thai Shrimp Production and Exports
By InfoQuest News Agency
The President of the Thai Shrimp Association, Mr. Ekaphot Yodphinij, has projected a significant increase in Thai shrimp production for the year 2024. Anticipating a rise to 290,000 tons from the 2023 production of 280,000 tons, Mr. Yodphinij attributes this increase to a positive signal from the US market. This comes after anti-dumping and subsidy lawsuits resulted in major producing countries turning to Thailand for shrimp imports.
On the global scale, 2023 is expected to witness a 1% decrease in shrimp production, with China leading in production and Ecuador falling slightly short of projections. Additionally, Asian nations such as Vietnam, India, and Indonesia are all experiencing a decrease in shrimp production. Overall, a 2% decline in world shrimp production is anticipated for 2024.
An analysis of Thai shrimp exports for the first 10 months of 2023 reveals a decline in both volume and value compared to the same period in the previous year. This equates to a 9% decrease in export volume and a 14% decrease in export value.
“Farmers must adapt by reducing costs and increasing production productivity to remain competitive. It is essential to create a strong internal market and prepare for the potential impact of falling shrimp prices next year. Collaboration between the public and private sectors is crucial for the development of a robust logistics system that ensures the quality and freshness of Thai shrimp for consumers,” emphasized Mr. Yodphinij.
Tags: exports, shrimp, Thai Shrimp Association, Ekaphot Yodphinij
Economic news 11:26 am 2023-11-29
Mr. Ekaphot Yodphinij, President of the Thai Shrimp Association It is expected that Thai shrimp production in 2024 will increase to 290,000 tons from 2023. The amount of shrimp production is expected to be 280,000 tons, the same as last year. by the US market There is a better signal. From anti-dumping and subsidy lawsuits (AD/CVD), major producing countries This caused importers to start ordering shrimp from Thailand.
Meanwhile, global shrimp production is expected to be around 5.07 million tons in 2023, a decrease of 1%, with China able to produce much more shrimp. part of Ecuador The progress was slightly lower than expected. While in Asian countries, including Vietnam, India, Indonesia, shrimp production decreased in all countries, in 2024 it is expected that world shrimp production will decrease by approximately 2%.
In terms of Thai shrimp exports, the most recent was in the first 10 months of this year. (January-October 2023) Mr. Ekapoj that the amount is 109,663 tons, worth 36,284 million baht, which is compared to the same period last year. which has exported an amount of 120,310 tons worth 42,341 million baht, it is found that the export volume decreased by 9% from the previous year and the value decreased by 14% from the previous year.
“Farmers need to adapt by reducing costs. Both direct costs and hidden costs as a result of factory damage Production productivity must be increased To be able to compete Including creating a strong internal market. Prepare for the impact of shrimp prices falling next year. by the public and private sectors We must cooperate seriously in developing the logistics system. Delivering products that maintain the quality and freshness of Thai shrimp to consumers,” said the president of the Thai Shrimp Association.
By InfoQuest News Agency (29 Nov ’23)
Tags: exports , shrimp , Thai Shrimp Association , Ekapoj Yodphinij
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