Approaching the end of 2022, shrimp prices toward the end of this year show a decline, which is predicted to continue into the beginning of next year. With the projections of global recession in 2023, shrimp farmers and industry players alike need to stay alert. How should we maintain shrimp cultivation in the midst of these uncertainties?
Shrimp price trends in Central Java. Source: Harga Udang
To discuss this issue and keep the enthusiasm alive among the farmer community, JALA held a workshop last October 12 2022 in ShrimpHub by JALA Purworejo. This workshop was attended by 28 farmers from Purworejo.
In the first session, Hanry shared about the latest shrimp trade and price trends. Currently, 80-95% of Indonesia’s shrimp harvest is still being exported. It is crucial to increase the local public’s awareness and interest in consuming shrimp. Moreover, shrimp prices toward the end of this year show a decline, which is predicted to continue into the beginning of next year. Shrimp farmers are advised to determine a shrimp target size of 50-100 during this period. If their target is too high, they might suffer more loss as it is harder to make a sale. The decline can also be mitigated by scheduling harvest calculations as accurately as possible.
After the discussion about shrimp price trends, John Lotto, VP of JALA Finance, and Rosy from Maybank, JALA’s partner in this event, shared some financial management tips in the face of a recession, such as:
- Always set a well-planned budget before every cultivation cycle
- Follow strict SOP when cultivating and keep thorough financial records as supporting documents when proposing collaborations or aids from organizations
- Compare the cost of each cycle and identify expenses that can be minimized
- If possible, find alternatives to overpriced materials or equipment
- Don’t spend all your harvest profits during uncertainties, keep savings for emergency funds and capital for the next cycle
- Start investing no matter how small, especially in stable investments such as mutual funds obligations
In the midst of recession projections which may worry many farmers, JALA aims to be a trusted partner for anyone involved in the Indonesian shrimp industry. Farmers are encouraged to support their cultivation with data to strengthen the shrimp industry. By keeping cultivation and financial data on the JALA App, farmers can make the best decisions based on actual conditions. Farmers are also encouraged to keep supporting one another and stay optimistic to get through these challenges.
If you are a shrimp farmer in Purworejo, we are excited to welcome you to ShrimpHub by JALA, a facility for farmers to learn, share, and grow. Visit ShrimpHub at Jl. Daendels RT 03 RW 03, Kel. Keburuhan, Kec. Ngombol, Kab. Purworejo, or contact us for more information at +62 813-2551-4194. Let’s be Farm Experts with JALA!
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