Shrimp Leads the Export Surge

Of the total export earnings in FY 2024-25, Tk 2,499 crore (USD 206.5 million) came from 19,512.79 tonnes of shrimp exports alone, up from 15,450.97 tonnes in FY 2023-24, which earned Tk 1,744 crore (USD 144.1 million).

Meanwhile, export earnings from other fish varieties rose from Tk 402 crore (USD 33.2 million) for 9,745.78 tonnes in FY 2023-24 to Tk 610 crore (USD 50.4 million) for 15,363.58 tonnes in FY 2024-25.

Species-wise Earnings Breakdown

The detailed breakdown for FY 2024-25 includes:

• Galda / Freshwater Giant Prawn: Tk 734.50 crore (USD 60.7 million) from 4,282.14 tonnes
• Bagda / Black Tiger shrimp: Tk 1,691.69 crore (USD 139.8 million) from 13,963.11 tonnes
• Soft shell Crab: Tk 173.27 crore (USD 14.3 million) from 1,166.89 tonnes

By comparison, in FY 2023-24:

• Galda shrimp exports brought in Tk 420.43 crore (USD 34.7 million) from 2,883.30 tonnes
• Bagda shrimp earned Tk 1,311.21 crore (USD 108.4 million) from 11,336.54 tonnes
• Soft shell Crab exports were Tk 97.87 crore (USD 8.1 million) from 644.77 tonnes

Challenges Holding Back Production

Despite the growth, the sector has faced several persistent hurdles — a decline in brackish water sources, virus outbreaks, lack of SPF (disease-free) shrimp fries, and farmers’ reluctance to adopt modern techniques. According to industry estimates, these challenges have caused production shortfalls that deprived the country of USD 25–41 million (Tk 300–500 crore) in potential export earnings.

Adding to the pressure, rising feed prices have increased input costs for farmers, further impacting profitability.

Government Support Fuels Renewed Hope

The government has been taking proactive steps, including promoting cluster farming methods, vannamei shrimp cultivation, environment-friendly aquaculture, and massive farmer training and incentives.

Farmer testimonies reflect growing optimism. Harun-ur-Rashid from Koyra Upazila credits the adequate rainfall and government virus prevention efforts for improved yields. Sheikh Mahtab Uddin from Dumuria noted that training programs, quality feed, and natural water bodies have helped increase fish production.

Previously, political interference and land grabbing disrupted shrimp farming activities in many areas. However, with improved governance and proper government action, farmers are returning to the business.

A Sector at a Crossroads

Inspector Lipton Sarder from the Khulna FIQC office noted that while shrimp production has been declining nationwide over the past five years, recent government steps have started reversing the trend. He emphasized the importance of cluster method aquaculture and the adoption of modern, sustainable farming practices.

Industry leader Sheikh Abdul Baki of Oriental Fish Processing Industries highlighted that quality inputs, natural water resources, and cluster farming are key to future success.

According to Md Zahangir Alam, Deputy Director of the Khulna Fisheries Department, the production and export of all categories — white fish (freshwater fishes), Galda, Bagda, and crabs — have increased notably in FY2024-25.

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According to the Bangladesh Export Promotion Bureau (EPB), frozen and live fish exports, including shrimp, rose by 14.45% in the first eight months (July–February) of FY2024-25, reaching USD 316.2 million. Of this, shrimp exports alone surged by 17.06%, hitting USD 215.9 million. February marked a particularly strong month, with export growth of 23.25%. Bangladesh’s main export destinations are mostly UK and EU countries.

The upward trend has continued for six consecutive months, from September to February. Despite this, many processing plants in key hubs, Khulna and Chattogram remain closed due to a shortage of raw materials, financial constraints, and high operational costs.

Industry leaders state that the sector was severely disrupted during student protests in July–August last year. Yet, EPB data suggests that shrimp exports have been gradually increasing since the fall of the previous government.

Recently elected as the Senior Vice President of the Bangladesh Frozen Foods Exporters Association (BFFEA), Md. Tarikul Islam Zaher, Managing Director of Achia Sea Foods, said:

“We’re getting a significant volume of export orders, and global demand for shrimp has risen considerably. However, the raw material shortage poses a serious threat to sustainable growth.”

Zaher added that most shrimp producers are struggling due to multiple challenges, resulting in the shutdown of many processing factories. Of BFFEA’s 200 member companies, only about 25% are currently operational, while 75% have suspended activities.

Even in Khulna, where nearly 30 factories remain technically open, only 10–12 are functioning steadily. The situation in Chattogram is reportedly just as grim.

Mixed Performance Among Listed Shrimp Exporters

While the export numbers show positive signs, the financial performance of publicly listed shrimp companies on the Dhaka Stock Exchange (DSE) tells a mixed story.
Apex Foods, one of the largest listed exporters, saw its revenue drop by 2% and profits decline by 20%, according to unaudited financials. Meanwhile, Gemini Sea Foods suffered substantial losses due to reduced revenue and shrinking profit margins.

Calls for Policy Support

Exporters and processors are urging the government to extend financial incentives, improve infrastructure, and offer policy support to help smallholder farmers restart operations. Industry insiders believe such measures will not only sustain the current growth momentum but also enhance overall export earnings.

European and Middle Eastern markets are showing robust demand, and Bangladesh could significantly increase its seafood exports with the right support. However, the shortage of shrimp seed and raw material remains a critical bottleneck.

Focus on Vannamei Shrimp

Sheikh Kamrul Alam, Managing Director of Rupali Sea Foods Ltd. and BFFEA Vice President, blamed the previous government’s restrictive policies for factory closures. Still, he remains optimistic about the future, especially with the growing interest in Vannamei shrimp farming.

“Vannamei shrimp is highly profitable for processors, but approval for farming was delayed. Now that it’s been allowed, we’re seeing encouraging results,” Kamrul said.

Vannamei shrimp—also known as Whiteleg shrimp or Pacific white shrimp—originates from the Pacific coasts of Mexico and Central/South America. In Bangladesh, trial farming began in 2021 under the Bangladesh Fisheries Research Institute (BFRI) in Paikgacha, Khulna.

Following early success, the government authorized 12 companies to commercially farm Vannamei in 2022. These ventures have reported promising yields, signaling a bright future for commercial Vannamei farming in Bangladesh.

Kamrul added,

“Vannamei can yield 8,000–10,000 kg per hectare, compared to just 1,000 kg from traditional Bagda farming (Black Tiger shrimp). If we invest in production and scale up, shrimp exports can skyrocket, significantly boosting the country’s foreign exchange reserves.”

While vannamei shrimp may seem like a promising addition to Bangladesh’s aquaculture export basket, the reality on the ground tells a different story. Bangladesh’s shrimp sector is still heavily dependent on extensive aquaculture, where average Black Tiger shrimp (P. monodon) yields are less than 300 kg per hectare.

Even after years of commercial farming, local Monodon hatcheries continue to fall short of the mark—lagging in traceability, technical standards, and the consistent production of quality post-larvae (PL). As a result, the sector relies heavily on wild-caught PL to fill the demand gap, a practice that’s further depleting the country’s already stressed natural shrimp stocks.

On top of that, a large portion of Bangladesh’s shrimp farmers are smallholders who are deeply accustomed to the low-input, low-cost farming practices of native Black Tiger shrimp. For these farmers, transitioning to vannamei—which demands higher biosecurity, hatchery-sourced SPF stock, commercial feed, and controlled water systems—is not only unfamiliar but also financially burdensome. Without significant support systems and reliable inputs, it’s unlikely these farmers will be able to adapt quickly or sustainably.

In this context, if we haven’t been able to build a resilient and sustainable system around our native species after many decades of commercial farming, it’s unrealistic to assume we can suddenly succeed with vannamei—a species that demands far stricter management, infrastructure, and compliance.

And beyond our borders, the vannamei shrimp market is already intensely competitive and nearing saturation. Countries like India, Ecuador, Vietnam, and Indonesia—who are decades ahead in vannamei farming—are dominating global supply chains with economies of scale, integrated systems, and strong government support. Bangladesh, by contrast, is just starting out, with no foothold yet.

So the question remains—should we chase a crowded market we’re not ready for, or double down on our strength?

Vannamei of course hold the long-term potential, but in the present context, betting big on Black Tiger shrimp remains the most strategic, realistic, and sustainable path forward—for both the industry and the tens of thousands of farmers who rely on it for their livelihoods.

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On the surface, fish’s exterior portions appear to be trash, smelling, and affecting the environment, but with the right methods, they may also be profitable. Fish byproducts, including scales, gills, fins and sections of dried shrimp shells, appendages, and air bladders, are valuable in addressing industrial demands in the global market.

Fish scales, a commonly overlooked by-product, have enormous economic potential that goes beyond their aquatic origin.

Fish scales, which are high in collagen, become the principal source for gelatin manufacturing. Gelatin has several applications in the food sector, medicines, and cosmetics. Using gelatin made from fish scales in culinary creations provides a healthier and more environmentally responsible choice for food connoisseurs.

Collagen, a key component of fish scales, has several uses. Collagen is a popular element in a variety of sectors, including medical and cosmetics. Collagen from fish scales is transforming the cosmetic business by giving natural and sustainable alternatives to anti-aging treatments.

Fish scales, on the other hand, have recently emerged as a valuable export commodity in Bangladesh. According to Export Promotion Bureau data, Bangladesh exports fish scales worth Tk 200 crore every year. 

Md. Abdur Rouf, the Department of Fisheries’ top scientific officer, stated that non-traditional fish scale export revenues had increased in recent fiscal years. Even though there is no project associated with this item, it has served as a reliable medium for many individuals in remote locations.

According to his statistics, in the fiscal year 2022-2023, a total of 3022 tons of fish scales were sold to various worldwide destinations, earning Tk 40 crore (4 million USD). In the first seven months of this fiscal year, 2874 tonnes of fish scale were exported, generating Tk 80 crore (8 million USD). 

This increase in export profits highlights the untapped value of fish scales as a lucrative product in Bangladesh. However, he has stated that the growth and long-term sustainability of this business is highly reliant on the active engagement of the private sector.

Md Bablu, a warehouse owner who gathers fish scales from several fish markets in Jessore, described how the items are handled.

First, fish scales are gathered and rinsed in clean or warm water to remove greasy particles. After washing, moist scales are air-dried under the sun to make them crispy. 

Some people crush the scales in grinders and sell the powder.

The dried fish fibers are then carefully wrapped and shipped to various international destinations. For every 20 kg of fish, around 5 kg of fish scales are extracted.

These scales are now carefully gathered and sold for an average price of Tk 70 (0.63 USD) per kilogram, as opposed to the past when they were thrown away. Fish scales, however, range in price depending on the kind and size of fish they originate from. Large fish scales fetch high prices; tiny fish scales, such as shrimp scales, have varied prices. Additionally, the price of fish gills and galls differs from the price of scales.

With the country’s expanding fish production, fish waste management has become a big issue. Experts believe that, in addition to generating revenue, the management of fish waste is critical to environmental preservation.

Fish scale dealers stated that their business could develop even further if the government prioritizes and focuses on it. This will ultimately aid in the control of fish waste.

Fish byproducts have enormous potential, but Bangladesh makes a little fortune from them.  This is due to Bangladesh’s inability to process the external sections of fish and other aquatic organisms to get the most value from them. As a result, the country has no other option but to sell discards such as fish scales as raw materials to China, Korea, Thailand, and India, all of which profit handsomely from the byproducts.

By utilizing advanced technology and conducting extensive research, it might be feasible to fully use these byproducts.

For now, focusing on exporting fish scales and other components may be a viable economic strategy. Those involved in this export sector require government assistance in order to harness their full potential.

Jaber Bin Abdul Bari
Department of Oceanography, NSTU

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The significant increase in seafood exports throughout the year’s first 3 quarters helped to accomplish this important milestone. The US, EU, and China experienced a significant recovery in market demand, which was the driving force behind that increase. The sharp increase in the first 3 quarters of the year is also heavily caused by the high price of exported seafood, which ranged from 15% to 60% on average.

As a result of using tariff benefits on the market within the CPTPP group, seafood exports to CPTPP nations rose by 30%. Other factors include the connection and re-deployment of trade promotion activities after COVID-19. This contributed to exports rising significantly from March to August. And since the end of 2021, there is a significant amount of aquatic raw material available in stock.

Along with the record of hitting USD 10 billion in seafood exports, this year saw significant milestones for the export of a few major products. Like shrimp, it first surpassed the USD 4 billion mark at the end of November. By the end of November, tuna exports had reached USD 941 million, and by the end of the year, they wanted to exceed USD 1 billion for the first time.

By the end of November, the US market had contributed more than USD 2 billion in foreign currency to the Vietnamese seafood industry. This represents a rise of almost 10% from the same time in 2021. Approximately USD 1.6 billion in exports were made to China, Hong Kong, and the Japanese market. Vietnamese seafood and USD 882 million from South Korea were exported to the EU market by the end of November. Over 26% of Vietnam’s total seafood export earnings came from CPTPP countries, including Japan. During the first 11 months of the year, seafood exports increased by 34% to about USD 2.7 billion.

During the ceremony, Phung Duc Tien, deputy minister of MARD, said: “In 2022, seafood exports faced many fluctuations and difficulties. Including the consequences of the Covid-19 pandemic, the Ukraine crisis, price inflation in the country and markets, the sharp increase in production and business costs, and fluctuations in foreign exchange rates.

In that context, thanks to the stable and favorable economy and business environment in Vietnam, Vietnamese seafood businesses have turned challenges into opportunities. They take advantage of FTAs as well as market demand to boost exports in 2022. As a result, by the end of November 2022, Vietnam seafood export has reached more than USD 10 billion. It is expected that by the end of 2022, Vietnam’s seafood exports will reach the goal of USD 11 billion, up 25% compared to 2021. This is a historical record of Vietnam’s seafood industry after more than 20 years of participating in the world market.”

According to Deputy Minister Phung Duc Tien, the seafood sector is predicted to contribute 3% of Vietnam’s total exports in 2022. The fisheries industry makes up almost 12% of the value of the domestic economy’s overall export turnover. Vietnam ranks third among seafood exporters globally, with a market share of more than 7%, only behind China and Norway.

Vietnam exported more than 180 aquatic species in 2022, according to VASEP. Pangasius export climbed by 63% (to over USD 2.3 billion) by the end of November, and tuna increased by 40% (to USD 941 million). Some products saw tremendous success and made up a significant share of all export sales. Squid rose by 42% to USD 372 million, representing 3.8% of the total value of seafood exported. Lobster increased by more than 9 times to USD 224 million, representing 2.3%; anchovies increased by 64% to USD 164 million, representing 1.7%; and salmon increased by 37% to USD 277 million, representing 2.3%.

In addition, several small marine fish species with a high export value saw a breakthrough growth rate of up to 3 digits.

Tariq Iqbal via Vietnam Agriculture Magazine
Khulna, Bangladesh

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