The shrimp market is facing great challenges due to the uncertain of the COVID-19. Farmers in India and Indonesia are holding a really conservative attitude about the Shrimp market now. Regardless of these countries, Vietnam’s exports raised slightly compared to the same period of 2019.
India has been faced with another extension of lockdown until March 25, 2020. News from The Economic Times shows that the exports to the US and Europe have been slowing down.
With the shrimp prices plunging, the farmers are not keen to stock the farms. As the lockdown was declared abruptly, the entire cycle of hatchery operation was disrupted.
From the Economic Times by P K Krishnakumar
India needs to rethink about the strategy after the new lockdown. The farmers need support from the government.
In Indonesia, the situation is quite similar compared with India. It could be possible after June for the reopening of the export market.
In Vietnam, the export has slightly raised. There was a huge growth of importers from Japan nearly reached 21% of the total export value of Vietnam in the first quarter of 2020. EU, China, and South Korea met the decline due to the impact of the pandemic.
However, the demand for shrimp will be improved, and the produce of shrimp will be back to normal. India, Ecuador, these import countries, need to figure out the recovery of the shrimp farming and processing. Vietnam needs to ensure supply of the raw materials to catch up on its market. The price of the shrimp may be slightly softening (a word as Mr. Gulkin- Group Managing Director at Siam Canadian Limited) in the second quarter of 2020. The demand for shrimp will increase and it is expected that the price will increase.