Seafood exporters take a big hit as shrimp prices plunge by 20%

The alarming condition of the aquaculture sector has prompted N. Chandrababu Naidu, to seek the Centre's help to come up with an action plan and stabilise procurement prices

The realisation of export proceeds of shrimps nose-dived to hit the bottom-line, affecting stakeholders across the supply chain in the $5-billion seafood export market.

The export prices of shrimps, the key contributor to the country's seafood basket, have plunged by more than 20 per cent in the last couple of months because of increased supply from competing nations such as Vietnam, Thailand, and Ecuador.

Exporters are saying there has been a sharp drop of $2 per kg (30 per cent) in prices of key varieties, compared to last year.

For one particular variety of shrimp, the price is around $5.40 per kg, 30