During the first quarter (July-September), shrimp export earnings amounted to $100.10 million, marking an 18% decline compared to $122.73 million in the same period of the fiscal year 2020-21, according to data from the Export Promotion Bureau (EPB).
Shrimp exports from Bangladesh have experienced a decline in the first quarter of the current fiscal year, mainly due to weak demand in the EU and US markets, which are facing concerns over a potential recession amid the ongoing Russia-Ukraine war.
Industry operators predict that considering the drop in export orders, overall earnings from the shrimp sector may decrease by up to 35% by the end of fiscal year 2022-23.
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Despite the sector's earnings growing 24% year-on-year to $407 million in the last fiscal year, the current performance presents a bleak outlook.
President of the Bangladesh Frozen Foods Exporters Association (BFFEA), Md Amin Ullah, states that the total earnings from shrimp exports may drop by 30-35% by the end of this fiscal year.
The Russia-Ukraine war has contributed to reduced shipments to these two nations, and buyers in the EU and the US are offering lower prices due to fears of an impending recession.