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Vietnamese shrimp producers expect price recovery in Q3

Prices and exports suffered significantly in the second quarter of the year.

Vietnamese shrimp producers expect a price recovery in August and September after suffering from dropping prices over the past months, and especially in the second quarter of the year, reports Vietnam Plus.

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), harvesting in countries such as India, Bangladesh and Thailand has concluded, while a number of Vietnamese firms received "big orders for year-end events."

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The country's shrimp exports started falling from April this year when revenue reached $257.2 million (€220.2 million), down 0.4 percent over the same period last year.

The sector suffered again a drop of 5.7 percent year-on-year in May and 15 percent in June.

The increase in global shrimp supply and the decrease in prices led to a slump in domestic shrimp prices from April. The price of vannamei shrimp dropped 20-30 percent.

A number international organizations predicted global shrimp output will recover, with total production to exceed 3.5 million metric tons in 2018, the highest point in 10 years, VASEP said.

Despite the downturn in shrimp exports in the second quarter, revenue in the first six months of this year still grew by about 7.6 percent to $1.6 billion (€1.4 billion) due to a growth of more than 20 percent in the first quarter. Exports of vannamei shrimp grew 18 percent year-on-year to $1 billion (€856 million) in value.

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