The Bangladesh's shrimp industry is suffering from changing demand patterns and a downturn in the global economy

Published 2023년 1월 27일

Tridge summary

Bangladesh's shrimp export business has been severely hit by the global economic downturn, with a 80% drop in demand and a 40% fall in prices. The industry has urged the government to approve the commercial farming of wannamei shrimp to counter the decline in demand for tiger shrimp in the global market. The number of containers of frozen shrimp exported has halved from 4,000 in the first eight months of 2021 to 1,000 in the same period in 2022. As a result, 47 out of 61 frozen food exporters have stopped buying shrimp from local markets, leading to significant losses for shrimp farmers and local traders.

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Original content

According to industry sources, Bangladesh's shrimp export business has suffered another major setback as the current global economic downturn has also taken a heavy toll on the global food market. As a result, one of Bangladesh's main exports, shrimp, has lost 80 percent of its former demand in the world market. In addition, export prices have fallen by 40 percent. Exporters and traders have urged the government to approve the commercial farming of wannamei shrimp as soon as possible. “Due to the high demand for vannamei shrimp in the global market, tiger shrimp are gradually losing share in the Western market. Amid the ongoing global economic downturn, demand for Bangladeshi tiger shrimp fell by 80% last year,” said S. Humayun Kabir, vice president of the Bangladesh Frozen Food Exporters Association. He also mentioned that the price of tiger prawns in the international market fell by 40%. “In the first eight months of 2021, 4,000 containers of frozen shrimp were exported. ...

Source: Fishretail