Shrimp exporters in Bangladesh are facing tough competition from rivals to survive in the global market, as they are yet to introduce the new and highly productive vannamei species, according to the Financial Express.
Industry insiders said both the demand and prices of local products decreased in the international market because of the ongoing recession. Moreover, local exporters' dependence on traditional markets is also responsible for lagging behind in the race. Bangladesh's frozen fish exports are mainly confined to the EU and the US markets.
The Export Promotion Bureau (EPB) data shows that the sector has been continuously witnessing a negative export growth since April last year. Export earnings stood at $129.54 million during the first three months of the current fiscal year (FY 13), marking a 30.5% decline, compared to the same period of the previous fiscal. Earnings also fell short of the target, set for the July-September period, by 21.9%.
Exporters said the demand for large-sized golda and bagda shrimp declined in the recession-hit EU and US markets, as they have switched to small and low-priced vannamei. "The global economic meltdown has reduced the demand for the locally-produced golda and bagda shrimp, resulting in a fall in their prices," Khan Habibur Rahman, executive director of Lockpur Group, told the Express Nov. 8.
