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Seafood Market Craters After Restaurants Shuttered Worldwide

April 16, 2020 — Just one kilogram of freshly caught squid a day was almost enough to live on for Thai fishermen like Wisut Boonnak. Now the catch has halved in price and he’s spending more time on village duties.

“It’s the biggest price drop that I can remember,” said Wisut, who’s been fishing for the past 40 years off the southern Thai coast. “There are fewer buyers around now because exports are lower.” Wisut used to go to sea daily to catch squid and mackerel. These days he’s out just once or twice a week.

The global seafood industry, worth hundreds of billions of dollars, is seeing demand crater. From lobster fishermen in North America to salmon farmers in Norway and shrimp producers in Vietnam, people are hurting as the coronavirus shuts cafes and restaurants and wreaks havoc with supply chains. Whether farmed or wild, fresh or processed, few areas have escaped the impact.

Read the full story at Bloomberg

Thai Union launches venture fund, invest in alternative protein

October 18, 2019 — Thai Union Group has created a venture fund to push investment in food-tech innovation, the company said in a statement on 17 October.

The company has made an initial commitment of USD 30 million (EUR 27.2 million) for investments in innovative companies that are developing breakthrough technologies in food-tech.

Read the full story at Seafood Source

Thailand-based fisheries association threatens protests over IUU rules

June 13, 2019 — The National Fisheries Association of Thailand is threatening protests against the government in the wake of measures by the government to curb illegal, unreported, and unregulated (IUU) fishing.

According to the Bangkok Post, the association members are threatening to camp out in front of Thailand’s Agriculture Ministry due to rules implemented in the last five years. Those rules partially stemmed from the issuance of a yellow card by the European Union – which was lifted in January – that the country received in 2015 in response to the lack of effective sanctions to prevent IUU fishing.

Those new rules have caused a shortage of workers, forcing operators out of business, association president Mongkol Sukcharoenkhana told the Bangkok Post.

“If these laws aren’t changed, the fishermen will head to Bangkok and camp out in front of the Agriculture Ministry,” he told the paper.

Read the full story at Seafood Source

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