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Is There Any Structural Change in the World Frozen Shrimp Market?

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Abstract
  • The paper develops a model of world frozen shrimp market using data from 1980 to 2004. There is a structural change in the world shrimp market that shifts the market volume from traditional to the non-traditional markets. Market structural change affects shrimp price significantly. Shrimp price has a trend and affected by input prices mainly soybeans and oil, 1% increase in soybeans price will increase shrimp price by 0.61%, similarly 1% increase in oil price causes 0.58% increase in shrimp price. In the short run, 1% increase of income causes 0.72% increase in shrimp price. However, in the long run, income's effect in shrimp price is zero. A shift of shrimp demand will not affect its price, implying that shrimp supply curve is relatively flat in the long run. The volume share of traditional shrimp market has decreased since 2000. The structural change is attributed to the change in trade policies in large markets such as EU and the US. Those trade policies drive up the average consumer's price 0.03%, and at the same time, push producers' price down and causes a lost of producers' welfare. The model could be improved by adding variables of structural change, technological progress, shrimp promotion and taste changes, substitute goods and Japanese trade policies.
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  • Nguyen, Giap and Curtis Jolly. 2008. Is There Any Structural Change in the World Frozen Shrimp Market? In: Proceedings of the Fourteenth Biennial Conference of the International Institute of Fisheries Economics & Trade, July 22-25, 2008, Nha Trang, Vietnam: Achieving a Sustainable Future: Managing Aquaculture, Fishing, Trade and Development. Compiled by Ann L. Shriver. International Institute of Fisheries Economics & Trade, Corvallis, Oregon, USA, 2008.
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  • US National Oceanic and Atmospheric Administration (NOAA) Fisheries Division, The Department of Fisheries and Oceans, Canada; Aquaculture CRSP and AquaFish CRSP; Minh Phu Seafood Corporation; Vietnam Datacommunication Company (VDC); Camau Frozen Seafood Processing Import Export Corporation (Camimex); Long Sinh Limited Company; Mai Linh Group and Nam Viet Corporation.
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