Bangladesh Seafood Exporters: A Thriving Industry

If you are looking for a country that has a thriving seafood industry, Bangladesh is a great place to start. This South Asian country is known for its diverse range of seafood products, including shrimp, fish, prawns, lobsters, crabs, cuttlefish, and squid. With a coastline stretching over 710 km, Bangladesh has a rich marine resource that has been a source of livelihood for millions of people.

Bangladesh's seafood industry has been growing rapidly over the years, with significant contributions to the country's economy. According to the Export Promotion Bureau of Bangladesh, the country's seafood exports reached USD 550 million in the financial year 2020-21. The major export destinations for Bangladeshi seafood products include the United States, the European Union, China, Japan, and the Middle East. The country's seafood industry has been gaining popularity in the global market due to its unique taste, high quality, and competitive pricing.

Key Takeaways

• Bangladesh has a thriving seafood industry, with a diverse range of seafood products such as shrimp, fish, prawns, lobsters, crabs, cuttlefish, and squid.
• The country's seafood exports reached USD 550 million in the financial year 2020-21, with major export destinations including the United States, the European Union, China, Japan, and the Middle East.
• Bangladesh's seafood industry has been gaining popularity in the global market due to its unique taste, high quality, and competitive pricing.

Overview of Bangladesh Seafood Industry

If you are looking for a country that has a thriving seafood industry, then Bangladesh is worth considering. With its vast water resources, Bangladesh has a long history of fishing and seafood production. In recent years, the country has emerged as a leading seafood exporter in the world.

Export Statistics

Bangladesh's seafood sector is a significant contributor to the country's economy. According to Statista, the revenue in the Fish & Seafood market amounts to US$19.44bn in 2024. The market is expected to grow annually by 8.25% (CAGR 2024-2028). The country exports its seafood products to over 50 countries. In 2020, Bangladesh exported 73,171.31 MT of fish and fishery products, earning USD 505.58 million in foreign exchange LightCastle Analytics Wing.

Key Species and Products

Hilsa, shrimp, tilapia, and pangas are the primary seafood products that Bangladesh exports. Hilsa is one of the most popular fish species in the country and is considered a delicacy. Bangladesh is the largest exporter of Hilsa in the world. Shrimp is another significant seafood product that the country exports. Bangladesh is the second-largest shrimp exporter globally, after India. Tilapia and pangas are also popular seafood products that the country exports.

In conclusion, Bangladesh's seafood industry is thriving, and the country has become a significant player in the global seafood market. With its vast water resources and a long history of fishing and seafood production, Bangladesh is well-positioned to continue its growth in the seafood industry.

Export Markets and Trade Agreements

Primary Destinations

If you are a seafood exporter in Bangladesh, then you have access to a variety of global markets. The United States, European Union, Japan, and China are the largest importers of seafood from Bangladesh. In recent years, Bangladesh has also expanded its exports to other countries in Asia, Africa, and the Middle East.

The United States is the largest importer of Bangladeshi seafood, accounting for more than 20% of all exports. Frozen shrimp is the most popular seafood product exported to the US, followed by frozen fish. The European Union is the second-largest importer of Bangladeshi seafood, with frozen shrimp being the most popular product.

Japan is another significant market for Bangladeshi seafood, with frozen shrimp, eel, and cuttlefish being the most popular products. China is also an important market, particularly for frozen shrimp and fish.

Bilateral and Multilateral Agreements

Bangladesh has signed several bilateral and multilateral agreements to promote its seafood exports. These agreements help to reduce trade barriers and increase market access for Bangladeshi seafood products.

One of the most significant agreements is the Generalised System of Preferences (GSP) scheme, which provides duty-free access to the European Union market for Bangladeshi seafood products. Bangladesh has also signed a Free Trade Agreement (FTA) with Sri Lanka, which provides preferential treatment for seafood exports.

In addition, Bangladesh is a member of the South Asian Association for Regional Cooperation (SAARC) and the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC). These organisations promote regional cooperation and trade, which can benefit Bangladeshi seafood exporters.

Overall, the global demand for seafood continues to increase, and Bangladesh is well-positioned to take advantage of this trend. With access to a variety of global markets and the support of bilateral and multilateral agreements, Bangladeshi seafood exporters can continue to grow and thrive in the coming years.

Challenges and Opportunities

If you are a seafood exporter in Bangladesh, you may face some challenges, but there are also opportunities to grow your business. Here are some things to consider:

Sustainability Efforts

Sustainability is becoming increasingly important in the seafood industry. Consumers are looking for products that are harvested in a way that does not harm the environment. As an exporter, you can take steps to ensure that your products meet these standards. For example, you can work with local fishermen to promote sustainable fishing practices. You can also invest in technology that helps you track the origin of your products, so you can ensure that they come from sustainable sources.

Government Incentives

The government of Bangladesh is committed to promoting the seafood industry. As an exporter, you can take advantage of this by looking for government incentives that can help you grow your business. For example, the government offers tax breaks to companies that invest in new equipment or technology. You can also apply for grants that can help you expand your business or improve your products.

In summary, if you are a seafood exporter in Bangladesh, there are challenges to overcome, but there are also opportunities to grow your business. By focusing on sustainability and taking advantage of government incentives, you can position yourself for success in this growing industry.

Frequently Asked Questions

Can you guide me through the process of exporting live fish from Bangladesh?

Exporting live fish from Bangladesh requires compliance with a number of regulations. First, you need to obtain a permit from the Bangladesh Fisheries Development Corporation (BFDC) and the Department of Fisheries (DoF). Second, you need to ensure that the fish are healthy and disease-free. Third, you need to arrange for transportation of the fish to the destination country. Finally, you need to comply with the import regulations of the destination country. You can find more information on the process of exporting live fish from Bangladesh on the BFDC website.

What varieties of frozen fish are predominantly exported from Bangladesh?

Bangladesh exports a variety of frozen fish, including shrimp, prawn, hilsa, catfish, pomfret, and tilapia. Shrimp and prawn are the most commonly exported varieties, accounting for around 75% of the total value of seafood exports from Bangladesh. Hilsa, a popular fish in Bangladesh, is also exported to countries with a significant Bangladeshi diaspora, such as the United Kingdom and the Middle East.

Which fish markets in Bangladesh are known for their export-quality seafood?

The fish markets in Cox's Bazar, Chittagong, and Khulna are known for their export-quality seafood. These markets are located in close proximity to the sea and have a large number of fishermen and seafood traders. The seafood sold in these markets is of high quality and is exported to various countries around the world. If you are looking for export-quality seafood from Bangladesh, you can visit these markets or contact a seafood exporter based in these cities.