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Bangladesh’s export earnings from frozen and live fish in the just concluded financial year (FY) 2022-23 plunged by declining demand in western markets due to Ukraine-Russia war.
Export earnings from the sector are less than the target by 33.39 per cent and 20.76 per cent than the previous FY 2021-22.
In the FY 2022-23, the export earnings of the fisheries sector were $422.28 million which was $532.94 million in the previous financial year, show the data from Export Promotion Bureau (EPB).
A major share of export earnings in this sector is from shrimp. In the last financial year, shrimp export earnings have declined which is 39.95 per cent less than the target and 26.27 per cent less than the previous year. However, in the fiscal year 2021-22, shrimp exports increased by 23.84 per cent over the previous year.
In FY 2021-22, shrimp exports were valued at $407.25 million. In the last financial year it decreased to $300.26 million. According EPB data, the export of shrimp has decreased by $107 million in a year.
Speaking to The Business Post, sector insiders and traders say the demand for Bagda shrimp produced in the country has decreased in the global market due to economic instability. Shrimp production has decreased due to reduction in fry production at local level. As the increase in demand and price of shrimp in the country’s market, there has been a negative impact on exports.
Ashraf Hossain Masud, senior vice president of Bangladesh Frozen Foods Exporters Association (BFFEA), said, “Traders are worried about export in fishery sector. Most frozen fish processing plants have limited their production. Enough fishes are not available as the demand of foreign countries.”
He added, “Since 2011, Vannamei shrimp (A non-native species of shrimps) farming has been demanded, but till now it has not been fully implemented. India has long been exporting vannamei through commercial production. One kg of Vannamei is falling at Tk 400 per kg in the European market and the production of shrimp in Bangladesh is less than the demand. It is not possible to increase exports as lump or Bagda shrimp are being sold for TK 600 to 1000 per Kg in local market.”
Regarding increasing the export, he said, to increase the export in the fishery sector, the production should be increased by cultivating commercial vannamei shrimp with the government’s assistance.
BFFEA sources said Bangladesh has been exporting frozen fish products to 60 countries, 85 per cent of the shrimp are exported to European countries while 15 per cent goes to other countries including America and Japan.
Vannamei shrimp is now 77 per cent of the world’s total shrimp exports and Bagda shrimp is in possession of only 11 per cent. There are 105 processed frozen fish product export industries in Bangladesh. The factories of these industries are not getting enough raw materials as the decrease in shrimp production.
EPB data show, there has been a large increase in the export of live fish only despite the decline in shrimp exports. The export volume in this segment is still very low, despite the 129.55 per cent growth in live fish. Last financial year exports were $14.76 million. While the growth in life fish exports has increased, the volume of frozen fish exports has declined. The negative growth in this segment was 10.73 per cent.
