Thailand expects 20-pct growth in shrimp exports for 2020
Thailand is hoping for a recovery in shrimp exports which are forecast to grow 20 percent in 2020 thanks to increased production.
BANGKOK, VNA - Thailand is hoping for a recovery in shrimp exports which are forecast to grow 20 percent in 2020 thanks to increased production.
Somsak Paneetatyasai, President of the Thai Shrimp Association, said higher production efficiency and efforts to tackle shrimp diseases should lead to an output of 350,000-400,000 tonnes in 2020, up from 290,000 tonnes this year.
Next year's shrimp exports are forecast to grow to 192,000 tonnes from 160,000 tonnes in 2019, which would be a 5-percent dip from 2018.
Somsak said the value of exports is also likely to grow by 20 percent next year from 50-55 billion THB (1.65 – 1.82 billion USD) in 2019. The figure this year fell 11 percent from 2018 due to continued baht appreciation and shrimp diseases.
The association reported that for the first 10 months, Thailand shipped 135,249 tonnes of shrimp abroad, with export value down 11.8 percent to 40.2 billion THB. Key export markets include the US, Japan, China, Australia and the EU.
Somsak said domestic shrimp production in 2020 will fare better than the past two years thanks to better aquaculture technology and effective shrimp disease control. He also voiced optimism about the long-term prospects of Thai shrimp being boosted by higher consumption demand.
Global shrimp production is estimated at 3.4 million tonnes this year, up 5 percent from 2018. The higher production stems largely from India, Vietnam and countries in Central and South America. - VNA