July 10, 2012

Thailand's January-May shrimp exports down 2.23%

Due to euro zone debt crisis, Thai frozen shrimp exports in January-May shrank 2.23% on-year, according to the Commerce Ministry.

Deputy Commerce Minister Poom Sarapol said that in the first five months of this year, Thai frozen shrimp exports were valued at US$552 million, a 2.23% drop on-year.

Exports to the EU countries alone, worth US$79 million, shrank 16%. The EU market is Thailand's third biggest market after the US and Japan.

In 2011, Thai shrimp exports were valued at US$1.7 billion and exports to the EU alone were estimated at US$260 million, an increase of 7.9%, compared to the previous year.

The deputy commerce minister said that to achieve the growth target at 15%, the ministry has supported retail department store chains to boost buying shrimps directly from the Federation of Shrimp Farming Cooperatives of Thailand by 20% to reach the total amount of 12,000 tonnes, worth THB2 billion (US$63 million).

Frozen shrimps will be distributed to supply chains in six major markets including the UK, Ireland, Europe, China, South Korea and Turkey.