Strong US Dollar Softens Blow of Weak Shrimp Market for Indonesian, Indian Suppliers
SEAFOODNEWS.COM by Michael Ramsingh - March 3, 2015
Over the last year the shrimp market in the US has lost about a quarter of its value. In that same time, the overall strength of the US Dollar increased compared to most currencies in the world. This strengthening of the dollar in 2014 helped soften the blow of the year-long decline in shrimp prices for major shrimp suppliers India and Indonesia.
Last month Urner Barry's White Shrimp Index averaged $4.72 per pound. This was the lowest monthly average for the Index since mid-2013. Between January 2014 and February 2015 this was a 25 percent decline in the Index's average monthly price.
Prices fell for much of 2014 as overseas production returned from EMS declines in recent years. US shrimp imports hit their third highest volume in history at over 1.2 billion pounds...
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