Bangladesh's shrimp exports have reportedly fallen in volume by approximately 34% after losing its traditional markets in the US and the EU, reports Daily Industry.
Even as the global shrimp market continues to expand, Bangladesh is losing out to its neighbors, who have made the switch to the cheaper, high yield vannamei species over the past couple of decades.
However, Bangladesh's government has banned commercial farming of vannamei, meaning farmers rely on the more expensive black tiger species -- far from ideal in a difficult economic climate across the world.
As a result, Bangladesh's shrimp exports and production continue to fall. In 2013-14, the country exported 41,200 metric tons of shrimp worth $545 million; by 2018-19, exports had dropped to 29,500t, worth $361m. Production volumes have also been hit, witnessing a 28% decline since 2014.
Over the first six months of the 2019-20 financial year, shrimp exports have fallen by a further 4% year-on-year, down to $215m from $223m over the same period in 2018-19.
Apex Foods, Bangladesh's largest exporter and processor of frozen seafood, has also been hit by the decline. Apex's exports have suffered, dropping from BDT 3.8 billion ($45m) in FY 2014 to BDT 1.7bn ($20m) in FY 2019.
As a result, the company's stock price on the Dhaka stock exchange has fallen from BDT 272.30 in May 2018 to just BDT 119.20 at the close of business on Jan. 9 this year.
2020-01-14 10:13:00Z
https://www.undercurrentnews.com/2020/01/14/bangladesh-shrimp-exports-down-34-in-five-years/
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