Thai shrimp exports drop 2.2%, impacted by eurozone debt crisis

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BANGKOK, July 6 – Thai frozen shrimp exports in the first five months shrank 2.23% year-on-year, affected by the eurozone debt crisis, 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 per cent drop year- on-year.

Exports to the European Union countries alone, worth US$79 million, shrank 16 per cent. 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 per cent, compared to the previous year.

The deputy commerce minister said that to achieve the growth target at 15 per cent, the ministry has supported retail department store chains to boost buying shrimp directly from the Federation of Shrimp Farming Cooperatives of Thailand by 20 per cent to reach the total amount of 12,000 tonnes, worth two billion baht.

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