July 9, 2012

Thailand to expand shrimp exports to six countries

Following the drop of Thai shrimp export volume by 2.2% in the first five months, the Commerce Ministry and operators of modern retail business have joined hands to expand shrimp market in six countries.

Deputy Minister of Commerce Poom Sarapol has disclosed that in order to achieve the targeted growth of 15% in shrimp exports this year, the Ministry of Commerce is encouraging modern retailers to increase their direct purchase of shrimps from the Shrimp Farming Cooperatives of Thailand by 20%, to reach 12,000 tonnes worth THB2 billion (US$63 million). Those shrimps will be exported to six main markets: the UK, Europe, China, Ireland, Korea, and Turkey.

In the first five months of this year, Thai shrimp exports earned US$552 million, a drop of 2.23% from the same period last year. The exports to the EU during the period were recorded at US$79 million, a decrease of 16% due to the Eurozone crisis.

In 2011, Thai shrimp exports were as high as US$260 million in value, rising 7.9% from 2010. Europe has been the third largest shrimp market of Thailand after USA and Japan, while Thai frozen shrimp in 2011 was valued at 1.7 billion dollars.

However, Commerce Ministry expects this year shrimp export to rise more than 3% or at least US$1.8 billion.