Monday, March 23, 2015

23/03/2015: Bangladesh exports 18 tonnes of shrimp worth US$200,585 to Russia

The Bangladesh Frozen Food Exporters Association (BFFEA) reported that Bangladesh exported over 18 tonnes of shrimp worth US$200,585 to Russian market after a three month break, Customs Today reports.

In the three months since December, there was no export of Bangladeshi shrimps to Russia, Export Promotion Bureau data shows.

Russia meets 5 percent of its shrimp demand by imports from Bangladesh.

Officials concerned said the economic recession in Russia and the appreciation of the dollar against the Russian Ruble had slowed down the country’s shrimp import.

“Due to fall in demand and a weaker Ruble, the importers chose to stop buying shrimp from Bangladesh,” the BFFEA official said.

“It’s good that exports have resumed, though the start is slow as it’s a sign of recovery,” he added.

Russia has recently suffered economic recession due to sanctions imposed by the US government and European Union for violating the sovereignty and territorial integrity of Ukraine.

“Russian buyers stopped purchasing shrimp from Bangladesh due to the economic recession as it is a luxury product,” said Khan Habibur Rahman, a shrimp exporter and Deputy Managing Director of Lockpur Group.

Read more HERE.

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