Frozen food export sees 12pc growth
Ashfaque Choudhury : Bangladesh is emerging as a major player in the global frozen food export market. Over the past few years, the country has seen a significant increase in the export of frozen food to other countries.
Bangladesh has a wide variety of frozen food products that are exported around the world. These include frozen fish, shrimp, vegetables, fruits, poultry, and meat products.
With the price of black tiger shrimp and freshwater prawns raised in the southern coastal area, Bangladesh’s frozen fish exports recovered and reached a six-year high in the just-ended fiscal year.
According to statistics from the Export Promotion Bureau, exporters made $532 million by sending frozen fish overseas in fiscal 2021-2022, an increase of 12% year over year from $477 million earlier (EPB).
The most recent earnings are the most since Bangladesh made $526 million from the export of frozen fish in the 2016-17 fiscal year.
Bangladesh’s frozen fish exports were going down a year after they brought in a total of $638 million in the fiscal year 2013-14. This was because the cheaper vannamei shrimp grown in large quantities in India, China, Vietnam, and Thailand were competing hard with the local black tiger shrimp and freshwater prawn.In the most recent fiscal year, the trend changed. According to Md. Amin Ullah, head of the Bangladesh Frozen Foods Exporters Association, price increases are the primary cause (BFFEA). According to him, the increase in demand for shrimp and its pricing in major countries like Europe began in 2021 as a result of supply interruptions brought on by COVID-19.
Industry insiders say that the country is working hard to improve its production and supply chain to make sure that the goods it exports are safe and of good quality.
Bangladesh’s frozen food exports have been growing at a steady rate. In 2017, the country exported frozen food worth more than $65 million to other countries. This was an increase of 14% from the previous year. The majority of these exports went to countries such as India, Saudi Arabia, and the United Arab Emirates. The government of Bangladesh is taking several steps to promote the country’s frozen food exports. For example, it has implemented various incentives for exporters, including tax exemptions and subsidies.
It also spends money on infrastructure and new technologies to help improve the quality of the goods it sends abroad. In addition, Bangladesh is working with other countries to increase its export potential. For example, the country has signed a memorandum of understanding with India to increase trade between the two countries. This will enable Bangladesh to export more of its frozen food products to India. Bangladesh is also working with international organizations to promote its frozen food exports. For example, the country is a member of the World Trade Organization and is part of the World Bank’s private sector investment program. These initiatives will help Bangladesh increase its exports of frozen food products to other countries.
Overall, Bangladesh is making great strides in the global frozen food export market. With the right measures in place, the country is well positioned to become a major player in the industry in the coming years.
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