Due to the COVID-19 pandemic, a lot of large importers of Cà Mau’s shrimps stopped and reduced their orders, leaving a large amount of unsold stock kept by local companies.
On August 04, Cà Mau’s People’s Committee said that the shrimp output in the first seven months of 2020 reached 65,458 tons, equal to 44% of the plan, up 8% compared to the same period last year. Even though an increase in shrimp output was recorded, seafood export volume (mainly shrimp) in the first seven months only reached $446 million, equal to 39% of the plan, down 12% from last year.
Cà Mau is the leading province in output and export volume, bringing in around $1.2 billion per year. Due to the COVID-19 pandemic, a lot of large importers of Cà Mau’s shrimps stopped and reduced their orders, resulting in a large amount of unsold stock, around 20,000 tons.
Thus, many companies related to shrimp processing and exports reduced their purchases or offered very low prices, resulting in a slump of shrimp material prices. Prices of black tiger shrimp decreased by 30% and prices of white leg shrimp were down 15%.
In the face of a harrowing time, Cà Mau’s authority encouraged shrimp farmers to adjust their farming practice, for example: stocking small size shrimps instead of big size ones and applying intensive and super-intensive farming models.