Thailand’s shrimp exports are projected to fall 14 percent this year. (Photo: Bangkokpost) Bangkok (VNA) – Thailand’s shrimp exports are projected to fall 14percent this year to only 150,000 tonnes, with values down 21 percent to some44 billion THB (about 1.46 billion USD), mostly due to the pandemic and strongcurrency.
Somsak Paneetatyasai, president of the Thai Shrimp Association, said a secondwave of outbreaks in many countries has weakened demand for shrimp during theChristmas and New Year period.
The association forecast in December last year Thai shrimp exports wouldrecover to a 20 percent increase in 2020, in line with increased production.
However, for the first 10 months this year, Thailand's shrimp exports totalledonly 123,297 tonnes, down 9 percent year-on-year, with values down 11 percentto 35.9 billion THB.
According to Somsak, Thailand expects lower output this year of only 270,000tonnes, down 7 percent from 290,000 tonnes in 2019, attributable to shrimpdiseases and weak demand during the pandemic. The world's overall shrimpproduction is also forecast to drop by 3 percent to 3.32 million tonnes.
Heis upbeat about next year's prospects, forecasting the country's shrimpproduction will increase by 15 percent next year to 310,000 tonnes, with exportvolume also rising by 15 percent.
Next year's domestic demand is likely to surge, driven by the government'sconsumption stimulus measures mainly through the co-payment scheme, he said,adding domestic demand is estimated to take up about 25 percent of total shrimpproduction.
He said the association expects local shrimp consumption to increase by 40-50percent over the next five years.
The key obstacle for the shrimp industry is the THB, which has strengthened by11 percent from 2017, when the THB averaged 33.68 to the USD. The currency'sstrength is a national-level issue the government needs to tackle, hestressed./.
VNA
