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Exporters sit on Tk500cr processed shrimps on falling global prices

Sohel Parvez
The falling world price of shrimp and stricter hygiene controls are causing concern in the country's second largest export earner, with industry sources claiming exporters are now sitting on around Tk 500 crore of processed shrimps.
"It's a bad situation. Prices have fallen largely in the international market while many exporters feel shaky exporting to EU market amid consignment rejection threat," said Maqsudur Rahman, senior vice president of Bangladesh Frozen Foods Exporters Association.
Falling prices of shrimp have also affected farmers who are getting almost half the price they got last year. Exporters now feel shaky in buying shrimps from farmers because of the volatile global market, battered by US economic recession fear.
The fear of losses resulted from the possible rejection of export consignments by European Union is also discouraging exporters in buying and exporting to EU. Industry sources said many exporters are holding stocks of processed shrimp amid expectations of price recovery.
Exporters claimed that price of shrimp (16-20 grade) declined to $4.50-$4.30 a pound in April this year from $5.80-55.30 in the same period last year due to a low price of Vannamei variety of shrimp, produced mainly by farmers in Vietnam, Thailand, Indonesia and China.
It has caused the overall shrimp market down, said Maqsudur.
“We arc still sitting with last year stocks of shrimp worth Tk 400-500 crore due to the falling prices," Maqsudur said, adding: "achieving the target will be impossible."
Shrimp industry, which controls about 85 percent of the total export earnings from the frozen foods, has earned $515.3 million from exports in the fiscal year 2006-07, up from $459.1 million a year ago. Europe and USA is the major market for the Bangladeshi shrimp.
The sector as a whole has created employment for about 900,000 people who are cultivating Black Tiger shrimp on about 41,000 farms.
Delwar Hossain, a farmer cultivating shrimp on about 33 acres of land in Mongla, said," My production cost has increased by almost 50 per cent while prices are falling."
Ziaur Rahman of Bhai Bhai Fish, a shrimp buying depo at a village in Bagerhat thana, said the price of shrimp has been lower for about two months. "Prices of each kg of shrimp of every grade have fallen Tk 125 on an average." hesaid.
He said they are buying each kg 44-grade shrimp between Tk 200-220 now, which were Tk 325-340 earlier.
"We are in trouble with the prices. Buyers are unwilling to buy at higher price. How can I buy if I can't sell," said Golam Mostafa, managing director of Coastal Sea Foods.
Mostofa said US economic recession fear has also affected the shrimp consumption.
sohel@thedailystar.net