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May 12, 2013
United States, Thailand and Ecuador
John Sackton’s Seafood.com Reports on Shrimp Markets
John Sackton’s Seafood.com—a daily, online, subscription-based, fisheries news service—frequently carries reports that relate to the international market for farmed shrimp. Here are three of his recent reports:
United States: Friday, December 28, 2012, the Coalition of Gulf Shrimp Industries, a new organization, filed petitions with the USA Government seeking relief from subsidized shrimp imports from seven countries: China, Ecuador, India, Indonesia, Malaysia, Thailand and Vietnam. The petitions seek the imposition of countervailing duties on their shrimp exports.
Sackton reports that information on the size of the preliminary duties is beginning to leak out. He reports:
From various sources, we gather that Thailand is likely to face a 2% rate, which will not have any market impact. Thailand is the largest shipper of shrimp to the USA.
India, on the other hand, is likely to see a 7% preliminary rate, which if it sticks, would undo much of the progress that India has made in reducing earlier dumping duties (2005) below 10%.
In both of these countries, there may be individual companies with lower rates.
China and potentially Malaysia are likely to see significant preliminary duties. Although this could be very difficult for some companies in those countries, it will not have a big impact on the USA market.
Ecuador may face very small duties, less than 2%, and duties on Indonesia and Vietnam will likely be in single digits.
Thailand: On May 10, 2013, Thai Union Frozen Products, a shrimp farmer, a producer of shrimp feed and an exporter of farmed shrimp and other fishery products, reported a 54 percent fall in net profit because of the high cost of raw materials, a strong baht (the Thai currency)—and the impact of shrimp diseases on the Thai shrimp farming industry. In a statement, the company said, “The shrimp raw material price remains high and [supplies] inadequate due to early mortality syndrome (EMS).” In the United States, Wal-Mart and Costco purchase products from Thai Union.
Ecuador: Ecuadorian shrimp export volumes declined in the first quarter of 2013, driven down by decreases in exports to the USA and other markets. Revenues, however, increased because of the rise in international shrimp prices. According to data from Ecuador’s National Customs Service, the country’s shrimp export revenues totaled $51.1 million in the first quarter of 2013, up over 18% compared to the first quarter of 2012. The increase in revenues was attributed to the drop in the production of farmed shrimp in China, Thailand and Vietnam because of early mortality syndrome. Supplies from the Asian nations are down as much as 30%.
According to Jose Camposano, the chief executive of the National Aquaculture Chamber of Ecuador, USA purchases of Ecuadorian shrimp fell 14% during the first quarter of 2013. Camposano said USA carryover inventories from the fourth quarter of 2012 might have been a reason for the drop in USA imports. Ecuador also noted export declines in some of its other markets, including a 3% decline in the European Union, particularly in Spain, where the decline was 28%.
Source: Seafood.com (an online, subscription-based, fisheries news service). Editor and Publisher, John Sackton (phone 1-781-861-1441, email email@example.com). 1. United States: CVD Preliminary Rates Not Likely To Disrupt Shrimp Markets. John Sackton (phone 1-781-861-1441, email firstname.lastname@example.org). 2. Thailand: Thai Union Frozen (TUF) Q1 Net Profit Plummets 54% Due to High Priced Tuna, EMS. Ken Coons (1-781-861-1441, email@example.com). Friday, May 10, 2013 3. Ecuador: Ecuador’s Shrimp Export Revenues Rise Over 18% in The 1Q Despite Decline in US Shipments. Michael Ramsingh (phone 1-732-240-5330, email firstname.lastname@example.org). Monday, May 6, 2013.
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