Thai Union Frozen Products (TUF) has created a shrimp price guarantee programme intended to prevent a possible shortage of the crustacean output.
The programme, which will be effective until March 2016, was announced by TUF’s global shrimp business president Rittirong Boonmechote, who stressed the need of such a plan given the consistent fall in domestic price, which has discouraged farmers from investing, The Nation reported.
"Without a guarantee, this could negatively affect the industry in the next 3-4 months. This impact would be felt domestically and internationally, as shrimp is one of Thailand’s top export items," Boonmechote pointed out.
Among the factors that urged TUF's executives to launch such a scheme, the entrepreneur mentioned the decline in Thailand's shrimp exports due to the weakening purchasing power in the large eco...