The country's agro-fisheries export witnessed a huge drop in the ongoing FY23, after fetching record $1.69 billion last FY22.
Despite having lucrative 10%-20% incentives for businesses against their shipment, exports declined by 25% in the first five months (July-November) of the current fiscal year to $637 million.
It was $843 million in the same period of FY22, showed Export Promotion Bureau (EPB) data.
Businesses and experts said if the trend continues for the next few months, the target to post $2.02 billion in export earnings might not be reached.
Falling demand, rocketing freight charges as well as shortage of suitable farm produce are key reasons for the gloomy condition, said insiders.
Bangladesh exports fisheries products, including shrimp, other frozen fish, live fish, crab and eel, and fresh agricultural products like fruits, vegetable, tobacco, tea and spice, and processed farm products to more than 60 countries.
According to the EPB, the country fetched $429 million from fresh farm and processed products in July-November '23 period against $557 million in the same period of FY22.
Processed food exports declined to $282 million during the period from $448 million in the same period of FY22.
Meanwhile, the shipment from shrimp and other frozen and live fish fell by 27% to $208 during the July-November period from $287 million in the corresponding period of FY22.
The target has been set at $2.02 billion for the current financial year which is unlikely to achieve, said insiders.
