Bangladesh’s shrimp export industry was already facing major declines, as 72 percent of the world’s shrimp market is occupied by vannamei shrimp, also known as white leg shrimp, while the country mainly exports black tiger shrimp, or ‘bagda’, and scampi shrimp, or ‘galda’.
According to industry sources, Bangladesh's shrimp export business suffered another major setback as the current global economic slump also took a heavy toll on the world's food market.
As a result, one of the major export items of Bangladesh, shrimp, has lost 80 percent of its previous demand on the world market. On top of that, export prices decreased by 40 percent.
Read More: Exporters worry about losing markets as shrimp adulteration continues unabated
Exporters and traders urged the government to approve commercial vannamei farming promptly.
“Due to the high demand for vannamei shrimp in the world market, bagda and golda shrimp are gradually losing market share in the western market. Against the backdrop of the ongoing global economic recession, demand for bagda and galda shrimp from Bangladesh dropped by 80% in the previous year,” said S. Humayun Kabir, vice president of the Bangladesh Frozen Food Exporters’ Association.