Economic Reporter :
Frozen Food Industry of the country is eyeing growth in the first quarter of fiscal year 2017-2018 despite different global obstacles.
According to the Bangladesh Frozen Foods Exporters Association (BFFEA) insiders, the first quarter (July to October) of the fiscal year 2017-2018, performance shows that BFFEA had a export target of $165.38 million and it had exported $226.91 million and the sector had experienced a growth of 15.41 per cent than the previous year.
Shrimp of $203.67 million has been exported in the first quarter of fiscal year 2017-2018, which had a target of exporting $139.10 million and experienced growth at 13.45 per cent than previous fiscal year.
Other frozen fish of $14.55 million has been exported which had a target of exporting $13.91 million and experienced growth of 34.35 per cent than previous fiscal year.
BFFEA has exported frozen fish to the following countries in fiscal year 2017-2018 to Netherlands worth $ 54.02 million, Belgium USD 44.04 million, Germany $ 38.89 million, the UK $ 19.46 million, Japan USD 9.27million, Russia USD 9.17 million, France $ 8.03 million, Portugal $ 6.72 million, the USA USD 6.81 million and Denmark $ 2.95 million. A total of $ 398.72 million was fetched from the top ten destinations in the frozen fish market for Bangladesh.
Bangladesh is the 12th world cultured shrimp producer, produce two to three per cent of world shrimp production. Frozen food export contributes 3.65 per cent to Gross Domestic products (GDP) and 1.97 per cent of export income.
There are 162 processing plants in the country, out of which 78 are approved by the Bangladesh government and 66 are approved by the European Union (EU).
According to Export Promotion Bureau (EPB), overall shrimp exports from Bangladesh had
Experienced decline in 2016. The Country’s export earnings from shrimp stood at Tk. 4211.60 crore in the fiscal year (July to June) 2016-17 showing 1.74 per cent decline compared to that of 2015-16 fiscal year of Tk. 4286.16 crore.
Senior Vice-President of BFFEA Kazi Belayet Hossain said to the New Nation that in the past few years the second largest export sector had been experiencing consequent downwards growth due to reasons like global economic recession, Brexit situation, devaluation of currencies, emergence of hybrid Vennamei shrimp, break out of global terrorism.
“In the current fiscal our main product price of Baghda shrimp species increased and we had a good volume of export in the first fiscal,” Kazi Belayet Hossain remarked.
“But due to recession and Brexit effects we are losing our European buyers and not receiving good price for Galda shrimp to expectation. The emergences of hybrid type of shrimps have caused competitions against the local species of shrimps,” he added.
According to BFFEA, recent demand of Black tiger shrimp in the international market dropped due to the new cheaper, hybrid species of Vennamei shrimp. The Bangladesh Government did not allow for production of the Vennamei shrimp culture in the Country as yet.
Neighboring countries like India, Vietnam, Indonesia and Thailand are cultivating the Vennamei shrimp commercially and creating competition for our native species of shrimp in the global market. A downward demand for Black tiger shrimp is experiencing lower demand and price in the global market.
Though the sector is experiencing a positive growth, but due currency fluctuation of Pounds and Euro the UK and other EU importers are importing slowly which is a potential threat for the sector.
The USA market is also showing negative demands and compliance issues like excessive use of chemicals such as pesticides, antibiotics and hormones are playing as negative agents for the shrimp industry and lowering the growth.
Frozen Food Industry of the country is eyeing growth in the first quarter of fiscal year 2017-2018 despite different global obstacles.
According to the Bangladesh Frozen Foods Exporters Association (BFFEA) insiders, the first quarter (July to October) of the fiscal year 2017-2018, performance shows that BFFEA had a export target of $165.38 million and it had exported $226.91 million and the sector had experienced a growth of 15.41 per cent than the previous year.
Shrimp of $203.67 million has been exported in the first quarter of fiscal year 2017-2018, which had a target of exporting $139.10 million and experienced growth at 13.45 per cent than previous fiscal year.
Other frozen fish of $14.55 million has been exported which had a target of exporting $13.91 million and experienced growth of 34.35 per cent than previous fiscal year.
BFFEA has exported frozen fish to the following countries in fiscal year 2017-2018 to Netherlands worth $ 54.02 million, Belgium USD 44.04 million, Germany $ 38.89 million, the UK $ 19.46 million, Japan USD 9.27million, Russia USD 9.17 million, France $ 8.03 million, Portugal $ 6.72 million, the USA USD 6.81 million and Denmark $ 2.95 million. A total of $ 398.72 million was fetched from the top ten destinations in the frozen fish market for Bangladesh.
Bangladesh is the 12th world cultured shrimp producer, produce two to three per cent of world shrimp production. Frozen food export contributes 3.65 per cent to Gross Domestic products (GDP) and 1.97 per cent of export income.
There are 162 processing plants in the country, out of which 78 are approved by the Bangladesh government and 66 are approved by the European Union (EU).
According to Export Promotion Bureau (EPB), overall shrimp exports from Bangladesh had
Experienced decline in 2016. The Country’s export earnings from shrimp stood at Tk. 4211.60 crore in the fiscal year (July to June) 2016-17 showing 1.74 per cent decline compared to that of 2015-16 fiscal year of Tk. 4286.16 crore.
Senior Vice-President of BFFEA Kazi Belayet Hossain said to the New Nation that in the past few years the second largest export sector had been experiencing consequent downwards growth due to reasons like global economic recession, Brexit situation, devaluation of currencies, emergence of hybrid Vennamei shrimp, break out of global terrorism.
“In the current fiscal our main product price of Baghda shrimp species increased and we had a good volume of export in the first fiscal,” Kazi Belayet Hossain remarked.
“But due to recession and Brexit effects we are losing our European buyers and not receiving good price for Galda shrimp to expectation. The emergences of hybrid type of shrimps have caused competitions against the local species of shrimps,” he added.
According to BFFEA, recent demand of Black tiger shrimp in the international market dropped due to the new cheaper, hybrid species of Vennamei shrimp. The Bangladesh Government did not allow for production of the Vennamei shrimp culture in the Country as yet.
Neighboring countries like India, Vietnam, Indonesia and Thailand are cultivating the Vennamei shrimp commercially and creating competition for our native species of shrimp in the global market. A downward demand for Black tiger shrimp is experiencing lower demand and price in the global market.
Though the sector is experiencing a positive growth, but due currency fluctuation of Pounds and Euro the UK and other EU importers are importing slowly which is a potential threat for the sector.
The USA market is also showing negative demands and compliance issues like excessive use of chemicals such as pesticides, antibiotics and hormones are playing as negative agents for the shrimp industry and lowering the growth.
