Quantcast
Sunday , July 23 2017
Breaking News
Home / International Customs / Bangladesh / Bangladesh exports drop amid weaker sterling
Bangladesh exports drop amid weaker sterling

Bangladesh exports drop amid weaker sterling

DHAKA: Bangladesh exports, including frozen and live fish and shrimp, dropped between July 2016 and March 2017, driven by a volatile political and economic situation in major EU countries, Bangladeshi media reported.

Europe accounts for more than 60% of Bangladesh’s total exports, and is the largest destination for exporters.

In July-March, earnings from frozen fish and shrimp exports declined 4.94% and 3.29% to $382.59 million and $325.24m respectively, according to data from the Export Promotion Bureau.

Kazi Belayet Hossain, vice-president of the Bangladesh Frozen Foods Exporters Association, said shrimp prices declined to $9 per kilogram from $12/kg last year, due to the economic uncertainty in the EU.

Exporters said Brexit has had a negative impact on Bangladesh’s export earnings because of the depreciation of the pound against the dollar.

The UK is the third-largest export destination for Bangladesh, and imports products worth more than $3 billion a year from the country.