March 16, 2005

Vietnam's shrimp prices set to rise with global supplies shortage

As global supplies of shrimp are diminishing, the price of Vietnam's shrimp is expected to surge, the Vietnamese Ministry of Fisheries announced this week.

One likely reason is the shortage caused by the tsunami disaster across the Indian Ocean. Thailand, the largest shrimp exporter to the US has recently reported serious damage at its large-scale shrimp farms, while India, the third biggest exporter, has also seen its shrimp industry's infrastructure hit by the disaster. A large number of shrimp boats were lost as well in the disaster.

On the other side of the world, the large shrimp industry of Brazil has been hit by a disease known as "White Spot", contributing to the global shrimp shortage.

"White Spot", caused by viral infection, has devastated up to 50 to 90 percent of Brazil's shrimp production