Bangladesh’s shrimp export industry was already facing major declines, as 72 percent of the world’s shrimp market is occupied by vannamei shrimp, also known as white leg shrimp, while the country mainly exports black tiger shrimp, or ‘bagda’, and scampi shrimp, or ‘galda’. According to industry sources, Bangladesh's shrimp export business suffered another major setback as the current global economic slump also took a heavy toll on the world's food market. As a result, one of the major export items of Bangladesh, shrimp, has lost 80 percent of its previous demand on the world market. On top of that, export prices decreased by 40 percent. Read More: Exporters worry about losing markets as shrimp adulteration continues unabated Exporters and traders urged the government to approve commercial vannamei farming promptly. “Due to the high demand for vannamei shrimp in the world market, bagda and golda shrimp are gradually losing market share in the western market. Against the backdrop of the ongoing global economic recession, demand for bagda and galda shrimp from Bangladesh dropped by 80% in the previous year,” said S. Humayun Kabir, vice president of the Bangladesh Frozen Food Exporters’ Association.

According to the statistics of South  Korea International Trade Association, the trade volume between South Korea and Bangladesh in 2022 recorded USD 3.035 billion, 38.71%  up from 2021 which was USD 2.188 billion.  Bangladesh’s export to Korea increased by 22.9% with USD 678 million in 2022 from USD 552 million in the previous year while Korea’s export to Bangladesh rose by 44.1% with USD 2.357 billion in 2022 from USD 1.636 billion in 2021.  Bangladesh’s export to Korea has been continuously increasing since it crossed for the first time USD 100 million in 2007 and reached USD 200 million in 2011 and USD 300 million in 2013. Read more: South Korea keen for further development of ICT infrastructures, digital technology of Bangladesh: Envoy But it had remained stagnant for about a decade then after and shrunk by 2.9% in 2020 recording USD 393 million due to the adverse impact of COVID-19 pandemic, according to South Korean Embassy in Dhaka.  However, it witnessed a big rebound in 2021 to USD 552 million with a sharp increase of 40.4% year-on-year, and recorded another record high of USD 678 million in 2022 with 22.9% year-on-year increase. The main export items of Bangladesh to Korea are RMG, sports and leisure items and bronze scraps, etc. RMG which accounts for 83.2% of total export to Korea recorded USD 564 million in 2022, increasing 25.8% year-on-year, while paper products and favorite food skyrocketed by 168.6% and 165% with USD 3.6 million and USD 3.1 million respectively.  Export of bronze scrap rose by 41.8% with USD 17.76 million. Korea’s export to Bangladesh which peaked with USD 1.63 billion in 2011 fell sharply and hovered at USD 1.2 billion for almost one decade. In 2020 during the COVID-19 pandemic it further deepened to USD 1.03 billion in 2020. In 2021 after a decade of stagnation, it finally rebounded to USD 1.636 billion in 2021, increasing 58.3% year-on-year and to USD 2.357 billion in 2022 with 44.1% year-on-year increase. Read more: Bangladesh ready to serve global industry: Palak says at Bangladesh-S Korea Drone Road Show However, the increase of Korea’s export to Bangladesh in 2021 and 2022 was mainly led by the hike of Bangladesh’s import of diesel from Korea which rose by 703.8% to USD 972 million in 2022. Korea’s export of diesel to Bangladesh rose by 450% in 2021 to USD 121 million. While other major export items of Korea to Bangladesh are machinery, petrochemical product, steel and pesticides, etc., they all saw a decrease in 2022.  It appears to be mainly due to the import restrictions imposed by the Bangladesh Government due to the foreign reserves situation in the country in the aftermath of the Ukraine-Russian war. Ambassador Lee Jang-keun said that the year of 2023 which marks the 50th anniversary of diplomatic ties between Korea and Bangladesh will mark a momentous turning point in the bilateral ties between the two countries overcoming the challenges of COVID-19 pandemic and global economic challenges derived from Russian-Ukraine war.  He also hoped that Bangladesh business sector takes advantage of the preferential trade policy of Korea which provides duty and quota free access to the Korean market by 95 % of the Bangladesh products since 2008.  Export to Korea, a non-traditional market, will also be given a benefit of receiving at least 4% of cash incentives by the Bangladesh government.

The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has said the country's apparel industry has continued its efforts to explore new and promising markets like Japan and seize every available opportunity. BGMEA President Faruque Hassan said: "We have been carrying out apparel diplomacy and trade missions to find new opportunities for Bangladesh's RMG industry and realise untapped potential." Faruque made the observations while exchanging views with Hajime Suzuki, chief director of International Sales and Marketing at RX Japan, in Dhaka Monday (January 23, 2023). Kurena Watabe of RX Japan was also present. Read: RMG manufacturer CKDL partners with Singapore firm to ensure workers' financial wellness RX Japan is a leading exhibition organiser in Japan. The two sides discussed possible collaboration between BGMEA and RX Japan to initiate trade communication between businessmen in Bangladesh and Japan, particularly those involved in the fashion industry. Bangladeshi businessmen would be able to showcase strengths and capabilities by participating in apparel exhibitions in Japan while Japanese buyers and investors would get the opportunity to explore their trade potential in Bangladesh, they said. Read more: BGMEA, Jetro want to expand Japan-Bangladesh trade

Despite drives by police, Rab and the Fisheries Department in Bagerhat over the past few years to stop adulteration of shrimp, the unscrupulous practices of dishonest traders continue unabated. Shrimps from Khulna, Bagerhat and Satkhira districts are exported to several countries. Injecting jelly, water, rice starch, and harmful substances into shrimps to increase their weight and earn extra profits are causing concern among exporters and consumers. Shrimp exporters fear they may lose the overseas markets if shrimp adulteration continues. Shrimp was once the second-most exported product from Bangladesh but in the last few years it failed to hold up against the growing global competition and currently holds the seventh position among top exported goods from Bangladesh. Read more: Over 1000 kg shrimps injected with jelly seized in Chandpur In the last six months (July-December), mobile courts in Bagerhat seized some 1,660 kg of shrimp while traders were injecting jelly-like substances into them. Executive magistrates and the Bagerhat District Fisheries Office (DFO) conducted 17 mobile court drives in various areas of the district, including Bagerhat Sadar, Fakirhat, Mollahat, Chitalmari, Rampal, and Mongla during the period.

Although Bangladesh may not go into recession, the country is significantly prone to many of the recessionary risks if appropriate steps are not taken to diversify the export product and basket and increase remittances through formal channels, said the International Chamber of Commerce-Bangladesh (ICCB) on Thursday. The ICCB in its latest editorial also highlighted the importance of taking appropriate measures to streamline public sector expenditures, rationalize mega infrastructure and other projects and undertake effective financial sector reforms. The global economy surpassed $100 trillion for the first time in 2022, but is likely to stall in 2023 due to last year’s multifaceted shocks and challenges. The three main global growth engines -- the US, Europe and China-- will experience slower growth in 2023, according to the editorial. In Bangladesh, according to experts, a major effort should be directed toward strengthening macro-prudential regulations and building foreign exchange reserves. Fiscal measures should carefully regulate withdrawal of fiscal support measures while ensuring consistency with monetary policy objectives. Read more: Accelerate gas exploration to overcome energy crisis: ICCB A credible medium-term fiscal plan should be in place, among others, to provide targeted relief to vulnerable households. The supply side measures should aim to ease labor-market constraints, increase labor-force participation, reallocation of displaced workers and reduce price pressures. Effective policy coordination will be important in increasing food and energy supply. For the energy sector, policies should accelerate the transition to low–carbon energy sources and introduce measures to reduce energy consumption to face climate change. Higher-than-expected and persistent inflation, tightened financial conditions, Russia's war against Ukraine, lingering COVID-19 pandemic and supply-demand mismatches have further slowed the global economic outlook, according to the editorial of the ICCB. IMF Chief Kristalina Georgieva warns that one-third of the world economy could be in recession in 2023. Even countries that would not be in recession, would feel the recessionary pressure for millions of people, she adds. Russia’s invasion of Ukraine not only threatens the lives of millions of Ukrainians but has also accelerated a series of cascading and interconnected global crises in food, fuel, and energy, resulting in rising cost of living further adding inflationary pressure in many countries. In addition, extreme weather conditions due to climate change pose downside risks to the global economic outlook, and increasing energy prices also hamper the path toward a green transition, said ICCB. The persisting global challenges have caused rising debt vulnerabilities and hampered the way toward recovery, which further impacted the vulnerable groups, especially low-income and developing countries. The largest slowdown of global trade in generations, significant decline in FDI, private capital flows and remittances are also contributing to global recession. The likely recession in the developed world will spur capital outflows from the developing countries forcing them to devalue their currencies, thus adding to rising inflation and consequently to increasing interest rates. According to a recent comprehensive World Bank study, the risk of global recession in 2023 has risen sharply as the central banks across the countries have hiked interest rates in response to inflation. Read more: ICCB: Russia-Ukraine war must end for the sake of humanity, development Yet the indications so far show these policy actions may not be sufficient to bring global inflation back to normal. Indications are there that global consumer confidence has suffered a sharp decline. It is apprehended that unless supply disruptions and labor market pressures subside, the global core inflation rate may remain high. At the global level, the key will be to strengthen global trade networks to alleviate supply bottlenecks. Now is the time to promote a rules-based international economic order that prevents the threat of protectionism and fragmentation that would further disrupt trade networks, said the ICCB. In line with current global economic challenges, G20 members have reaffirmed their commitment to well-calibrated, well-planned, and well-communicated policies to support sustainable recovery and mitigate scarring effects to support strong, sustainable, balanced, and inclusive growth. In this regard, the G20 has reaffirmed the importance of macro-policy cooperation to preserve financial stability and long-term fiscal sustainability and safeguard against downside risks and negative spillovers. Amazon founder Jeff Bezos, speaking to CNN recently warned consumers and businesses that they should consider postponing large purchases during the holiday season to keep their cash safe as an economic recession might be in the offing. While the central banks should continue with their efforts to control inflation to help anchor inflation expectations and reduce the degree of monetary tightening, concerted actions are needed by other policymakers as well.

Farida Parvin, a housewife in Sultanpur village under Sadar upazila of Satkhira district, now has her own source of income — making jute products for a private organisation involved in exporting those. Like Farida, a number of women in the village are now earning money after receiving training from ‘Rishilpi International Handicrafts Organisation’. Farida has two sons and a daughter and her husband Abdur Razzaque used to run a tea stall to cover the expenses of the five-member family. In 2016, Farida joined Rishilpi International Handicrafts Organisation after hearing about it from another woman and received training there. Now her monthly income is Tk 5000-5500. Also read: Diversified jute products fair witnesses huge footfall on closing day The raw materials are provided by the organisation and as per their demands, she makes jute bags, wall and floor mats. Tereja Mandal, another housewife of the village, said she is now able to bear the entire expenses of her family and the medical treatment of her husband, who is paralysed, by making jute products. “The organisation provides Tk 300-350 per jute bag to me and Tk 2500-3000 for each wall and floor mat,” she said. Around 7,000 women are now involved in making handicrafts for the organisation which has proved to be a boon for them. Read More: Jute growers paying for drought that resulted in discoloured fibre European countries are the main buyers of the jute products, and every year, jute products worth Tk 9-10 crore are exported from Satkhira. The jute products are being exported to Italy, Germany, France, Spain, Finland and Switzerland in Europe and to Australia as well. Sanjay Sarkar, product manager of Rishilpi International Handicrafts, said the organisation has been exporting jute products after giving training to 7,000 women of the district. Also read: Turkish businesses keen to invest in Bangladesh’s jute sector: Ambassador Turan “The demand for jute rope and jute cotton is huge in European countries,” he said. A woman worker can earn Tk 5000-6000 each month by making products for the organisation, he added. During the pandemic, the demand for jute products was poor but now the demand has gone up again, he said. Asish Kumar, jute inspector of Satkhira district, said, “People in both Bangladesh and abroad are interested in using jute products as it is environmentally friendly. The demand for jute bags is also high as the government imposed a ban on use of polythene bags.” Read More: Jute sticks: A new source of income for Faridpur farmers. Humayun Kabir, deputy commissioner of Satkhira district, said the jute products made by the women of Satkhira can fetch fame for the country as well as play an important role in the national economy.

Bangladesh's apparel shipment to US, the country's single largest export destination, rose 50.98 percent year-on-year to $7.55 billion during January-September this year, the US Office of Textiles and Apparel (OTEXA) said. With an 8.54 percent export share, the country remained the third largest apparel import source for the US. In the first nine months of this year, the US imported apparel worth $69.27 billion from around the world, reporting a 34.61 percent rise year-on-year, according to OTEXA. Read: Bangladesh RMG industry emphasizes technologies to enhance competitiveness, transparency: BGMEA chief During January-September of 2022, US imports from China, the largest supplier of apparel to the North American country, grew 22.48 percent to hit $17.72 billion. At the same time, imports from Vietnam stood at $14.59 billion, posting an 18.51 percent year-on-year growth, OTEXA said. "While China and Vietnam had the larger share of the US' total apparel import, Bangladesh saw better export growth than these countries," Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Director Md Mohiuddin Rubel said. Read More: Bangladesh seeks zero tariff on apparel exports to US at 6th TICFA meeting "This positive trend is a result of our management of the Covid situation and the post-Covid measures that we took. Also, we did well in the area of compliance. That is why the US sourced more from us. Also, the country shifted its sourcing focus from China to different countries, including Bangladesh," he added. Among the top 10 apparel suppliers to the US, imports from India, Indonesia, Cambodia, Pakistan, and South Korea grew 53.39 percent, 54.66 percent, 46.58 percent, 40.11 percent, and 39.61 percent per cent year-on-year, respectively. Read: Bangladesh’s exports crossed $5 billion in November raising hope of easing forex crisis, say official figures

Jellyfish has always been considered an inedible and therefore useless catch by the fishing communities in the country’s coastal districts. Despite never being considered as commercially viable, new research by Bangladeshi scientists indicates jellyfish can eventually become a source of export earnings. Like elsewhere, the coast of Bangladesh too plays host to a large number of jellyfish. However, the researchers do not yet know how many jellyfish there are in the waters of Bangladesh. This amount will have to be verified in the research they have now started. Made up of 90 percent water, jellyfish have no brain, blood, or bones. Scientists say that the number of jellyfish depends largely on the salinity and temperature of the water. Due to the lack of rain this year, the salinity of the seawater was high, resulting in an abundance of jellyfish washing up on shore. Read more: Scores of jellyfish carcasses wash ashore on Cox’s Bazar beach Md. Rashed-Un-Nabi, Professor, Department of Fisheries, Chittagong University told UNB, "Many countries in the world are researching how to use jellyfish, we have also started research. It shows that it has a lot of economic potential.” Scientists saw a boom or excess of jellyfish on Patuakhali beach and Cox's Bazar beach in August. At that time, many fishermen were forced to cut their nets because they were filled with jellyfish. Golam Mostafa, associate professor of Noakhali Science and Technology University (NSTU) said, “We can divide the jellyfish found in the sea of Bangladesh into three categories.” “One is edible jellyfish. We don't eat it here. But it is in demand as food in Taiwan, Vietnam, Thailand, and China. Each of these jellyfish can weigh up to 8 to 10 kg,” he said. Read more: Hundreds of Jellyfish carcasses wash ashore on Cox’s Bazar beach As a result, it is possible to export to the countries mentioned if extracted commercially, Mostafa said. This type of jellyfish can also be used as raw material for the pharmaceutical and cosmetics industry. There is another type of jellyfish, which is poisonous. Physical contact with this type can damage a person’s nervous system and lead to paralysis. However it is only a very specific subtype of jellyfish that tends to be poisonous. The Box Jellyfish, so-called for its box-like physique, is classified as one of the most venomous creatures on Earth, containing toxins that attack the heart, nervous system, and skin cells. Golam Mostafa observes that fishermen need to be made aware of and trained on this type of jellyfish. Read more: Hundreds of Jellyfish carcasses wash ashore on Cox’s Bazar beach “The damage caused to fishermen is also an economic loss. Many times fishermen do not understand it properly,” he adds. The third and final type of jellyfish found in Bangladesh is a very small creature. These are used in aquariums or as part of beautification in many countries, he said. “You can call it recreational use. Many countries, including Thailand, have such aquariums, where palm-shaped transparent jellyfish are kept. The colour of the light you cast becomes that colour. It is a very attractive thing for tourists,'' Golam Mostafa said, an associate professor of NSTU. He said that the researchers of oceanography and fisheries departments of some universities and the Bangladesh Oceanographic Research Institute (BORI) are researching the potential of jellyfish. Read more: Fish scales: A promising new item to diversify exports

PRAN-RFL Group has secured the highest national export trophies for its outstanding contribution to export segment for FY 2018-19. This business giant received six trophies, including gold, out of the 71 companies nominated for the trophies, from the Commerce Ministry for exporting agro processing, plastic goods and light engineering sectors. Though this group secured five export trophies in 2016-17 and 2017-18, each, this time they broke its own record and got the highest six trophies. Read more: PRAN-RFL targets $2 billion export by 2030 Moreover, the concerned Commerce Ministry awarded export trophy to the Group as the highest exporter for the last 18 consecutive years. Minister for Commerce Tipu Munshi awarded the trophies among the winning organisations at a function at Bangabandhu Bangladesh-China Friendship Exhibition Center in Purbachal on Tuesday, as chief guest. Ahsan Khan Chowdhury, chairman and CEO of PRAN-RFL Group, received the award on behalf of PRAN Dairy while Uzma Chowdhury, director (corporate finance) at the group and Eleash Mridha, managing director of PRAN Group received the award on behalf of PRAN Agro and PRAN Foods respectively. Therefore, RN Paul, managing director of RFL group received the award on behalf of Rangpur Metal and Toukirul Islam, executive director of Durable Plastic and Mohammad Kazi Abdul Quiyum, executive director of Banga Plastic International received the award on behalf their organizations. PRAN-RFL Group, the country’s leading food manufacturer and exporter, started exporting its products to France in 1997. At present, the group is exporting it wide range of products to 145 countries in the globe. Read more: Pran-RFL launches food delivery service Foodano PRAN-RFL has a big market in India and Middle East countries and also available in Africa, Europe and North & South America region.      

Fish traders in Jashore have started to earn much needed foreign currency by selling fish scales. Fish scales are sold at a rate of Tk 15 a kg in the fish markets of the district. After some processing, these residual parts of fishes are exported to many south-east Asian countries including China and Japan. According to Export Promotion Bureau statistics, Bangladesh exports fish scales worth Tk 200 crore every year. Fish scales are used to produce batteries, electrical products, artificial cornea and bones, medicines, fish and poultry feed and various cosmetics items. Visiting many fish markets in Jashore, UNB found fish scales in high demand. Besides charging Tk 10 for cutting a 1kg fish, fish cutters of Jashore earn Tk 20,000 extra per month by selling the scales. “Not only scales but we also sell fish galls. Galls are used to produce fish feed, while gills of fishes are used to make soups after drying,” said Md Jahid, a fish cutter. Read more: Bagerhat's Dublar Char abuzz as fish drying season begins Bagerhat's Dublar Char abuzz as fish drying season begins Md Bablu is a warehouse owner who collects fish scales from various fish markets of Jashore on a daily basis. Talking to UNB, Bablu said that he sells fish scales to traders in Chattogram, who then export the item to other countries. “I sell fish scales at a rate of Tk 2500 to Tk 3000 per maund (1 maund = approx. 40kg). The business was first started by a Dhaka-based trader named Shamsul Alam. Fish scales contain chemical components like collagen fibre and amino acid, which are necessary to produce cosmetics items and medicines,” said Bablu. After talking to some traders, UNB learned the process by which fish scales are prepared for selling. First, fish scales are collected and washed in clean or warm water to get rid of oily substances. After washing, wet scales are dried in the open to make them crispy. Some people grind the scales in mixers and sell them as powder. Prices of fish scales vary according to the type and size of fish from which they come.  Scales of big fish are sold at high rates, while those of small fish like shrimp are sold at a different rate. Besides, the prices of fish galls and gills are also different from the prices of scales. According to Bangladesh Export Processing Zones Authority, only 10-12 traders are involved in exporting fish scales. However, around 5,000 people are directly involved with the trade. A total of 2,500 tons of fish scales are exported every year, which brings home foreign currencies worth Tk 200 crore. Read more: Cox’s Bazar fishermen rejoice as Bay swarms with Hilsa Fish scale traders said that their business has the potential to grow more if they receive priority and focus from the government. “I’ll talk to the respective authorities so that fish scale business can be expanded,” said Tamijul Islam Khan, Deputy Commissioner (DC) of Jashore.