Many Japanese buyers are showing interest anew to buy Bangladeshi shrimps, in a development industry insiders said can help exporters reduce dependence on Europe, now the largest market.
The industry insiders said many Japanese importers, who were buying shrimps from Vietnam, China or India, are increasingly visiting Bangladesh for purchasing local shrimps.
They said some of the buyers have placed orders with local companies, while others are involved in purchase negotiations.
Japan, the second-biggest economy in Asia, was once the single largest country export destination for Bangladeshi shrimps, especially in the 1980s and 1990s.
But Japanese importers desterted the Bangladesh market at the turn of the 21st century.
"Our exports to Japan were very low in the last several years, but recently we are receiving queries from them. It is a positive sign," said Md Rezaul Hoque, managing director of Modern Sea Food Ltd.
In April alone, exporters shipped shrimp worth $2.0 million to Japan, according to Bangladesh Frozen Food Exporters Association.
"Now, it appears that the Japanese buyers are shifting to us from India, China and Vietnam. If we can maintain quality, it might again become a very important market for us," Mr Hoque said.
He said the return of the Japanese buyers will help exporters reduce reliance on the European and the US markets.
"In the current financial year, local exporters had to sell their products at lower prices to the European buyers due to the financial crisis in EU and devaluation of US Dollar and Euro against Taka, forcing us to incur losses," Mr Hoque said.
According to Mr Hoque, export prices of shrimp came down to $5 per kilo gram this year against up to $11 a year ago.
General Manager of Jahanabad Seafood Ltd Shoyeb Mahmud said that even buyers from Vietnam are showing interests in Bangladeshi shrimps.
"It may be that they are shifting to us because of the falling production of their black tiger shrimps," he said.
The renewed interest from Japan also emerged as a lifeline for the local exporters and also for the growers as both export volume and their price have been fallen in the current fiscal after achieving a record growth in the last financial year, he added.
Export earnings from shrimp increased by nearly 18 per cent in the last fiscal compared to the same period a year ago, but during the July-April period of current fiscal (2014-15), the earning from the sector declined by nearly 4.0 per cent, according to Export Promotion Bureau.
The country has earned $440 million during July-April period of the current financial year against earnings of $ 456.94 million in the corresponding period, the data showed.
"It's the result of price fall in local shrimp in the international market, but if Japan emerges as prospective market for local shrimp, then our export will increase and dependence on the EU and the USA market would be reduced," managing director of Sobi Fish Processing Ltd Kazi Belayet Hossain said.
Mr Hossain has recently received orders from Japan and has started exporting.
"We are taking extra care in quality control," he said, adding that the Japanese buyers are offering better prices which, in turn, will force buyers from Europe to increase prices.
"Japanese buyers import shrimps not only for their local market, they also re-export shrimps to other destinations after value addition, so if we can restore confidence in Japanese buyers then export to the Asian country would be increased significantly soon," Mr Hossain, a former president of the association, said.
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