Bangladesh's shrimp exports dipped in the first quarter of the current FY23 year due to low demand in the EU and the US markets, mired by fears of a coming recession amid the ongoing Russia-Ukraine war.
Earnings from shrimp exports in the first quarter (July-September) stood at $100.10 million, down 18% from $122.73 million during the same period in FY21, showed data from the Export Promotion Bureau (EPB.)
And although earnings from shrimp exports grew 24% year-on-year to $407 million in the last fiscal, the sector's current performance presents a bleak picture.
Considering the drop in export orders, overall export earnings from the sector may decline by up to 35% by the end of FY23, according to industry operators.
The Russia-Ukraine war has caused a decline in shipments to the two nations while buyers in the EU and the US are offering lower prices in fears of a coming recession.
The volume of shrimp exported from Khulna, a major producing region, declined by about 16% to 7,027 tonnes in the July-September period of the ongoing fiscal year, according to the Bangladesh Frozen Foods Exporters Association (BFFEA.)
The sector ensures the livelihood of more than 800,000 farmers, who collectively cultivate shrimp on 263,000 hectares of land in coastal areas of the country's southwest region, according to the Department of Fisheries.
