January 22, 2024 โ Shem Creek, South Carolina โ Off South Carolinaโs coast, shrimper Rocky Magwood has a jumbo problem: plummeting prices for his catch.
โItโs worse right now than weโve ever seen,โ Magwood told CBS News. โโฆI mean, people are dropping like flies out of this business.โ
The cause is cheap shrimp imported from Asia, grown in pond farms and often subsidized by foreign governments. Itโs idled many of this stateโs roughly 300 shrimpers.
โI would love to be out here at least six days a week,โ Magwood said.
Instead, heโs shrimping only two or three days a week because, as he explains, thereโs โno market.โ
Read the full article at CBS News