Print This Page

 

March 6, 2015

 Bangladesh

Tiger Shrimp Prices Drop 42%

 

A sharp fall in the value of the euro and the Russian ruble against the dollar, coupled with the ongoing political unrest in Bangladesh, has hit tiger shrimp prices very hard.

 

Exporters said prices of giant tiger shrimp have slumped 42 percent to $5.25 a pound (16-20 count) from August 2014.

 

SM Amzad Hossain, president of Bangladesh Frozen Foods Exporters Association, said, “We are forced to sell at lower prices to retain our international buyers.  Exports to Russia have dipped to almost zero, while the demand for shrimp also fell in Europe because of an economic slowdown there.”

 

“New orders are not coming, while many buyers have cancelled orders.  As a result, we are being forced to sell shrimps at low prices,” Hossain said.  He said shrimp exporters faced a liquidity crisis as they cleared their stock at prices 40 percent lower than their procurement prices.  “This will affect our purchase in the next harvesting season,” he said.

 

The ongoing political turmoil has dealt another blow to the frozen food processors by affecting transportation of raw and processed shrimp.  As a result, production at processing plants has also dropped.

 

Source: Seafood.com (an online, subscription-based, fisheries news service).  Editor and Publisher, John Sackton (phone 1-781-861-1441, email jsackton@seafood.com).  Bangladesh Black Tiger Shrimp Exporters in a Tight Corner As Prices Down 42%.  Linda Lindner (Urner Barry, 1-732-240-5330, extension 223, email llindner@urnerbarry.com).  March 4, 2015.

Print This Page