July 13, 2004

US Shrimp Market Fluctuates After Preliminary Ruling

The US shrimp market is fluctuating after the Department of Commerce (DOC) announced its preliminary ruling on the shrimp lawsuit against Vietnam and China.

Chairman of the Vietnam Shrimp Association Nguyen Van Kich said on July 11 that some US importers seemed to pile up shrimp products or sell them moderately, driving the price up 5-20 cent per pound.

Mr Kich said under the current situation, shrimp prices in the US market will be likely to increase until December this year as DOC will conclude their investigation into respondent countries. He suggested that Vietnamese businesses should not try to sell shrimp massively at low prices.

Mr Kich added that the association and four shrimp export enterprises involved in the case are gathering more information and documents to provide to the DOC delegation that is arriving in Vietnam by the end of August. This move aims to prove that Vietnamese enterprises do not dump shrimp as well as to ask the DOC to announce Vietnam does not carry out the practice.