Current Economic Performance and Export Potentialities of Fisheries Sector in Bangladesh

Abstract

Bangladesh is endowed with extensive and highly diversified fisheries resources. More than 60% of animal-based food protein in Bangladesh comes from fish, which is an essential source of micronutrients and plays a significant part in the country's diet. This paper reviews the effectuation of the fisheries sector in the economic development of Bangladesh using data collected from secondary sources. Bangladesh is the world’s 5th largest producer of fish-culture products, outranked by China, Indonesia, India, and Vietnam. In FY 2018-19, the fisheries sector contributed 3.5% to Bangladesh’s national GDP. More than 18 million people are directly and indirectly involved in the fisheries sector. Fish is the most significant source of protein for the mass population and the per capita consumption was 21.8 kg in 2019. The fisheries sector has been growing steadily in the recent decade with a 5.3% growth over the period from 2009 to 2019. In FY 2018-19, 56.76% (2.49 million MT) of aquaculture fish was cultivated in closed water bodies. Out of the fisheries production, the majority (1.97 million MT) is cultivated in ponds, particularly carp, pangaus, and tilapia fish which jointly account for 93% of freshwater fish production. The average growth rate of fish production in ponds is 5.7%, while this is 8.9% for intensive production. Shrimp production from culture farms contributes 51.34%. This study also found that fish-culture has a profound impact on the income level, food security, and employment generation of the farming community. Bangladesh furthermore recognizes the shrimp sector as an important source of foreign trade contributing 75.8% of total agriculture trade. The majorly export markets are the EU, USA, and UK. Although, China is the chief importer of crabs there exists a potential market for shrimp (Bagda). Pangas and tilapia also possess relative advantages in export. Therefore, with the sustainable use of available resources with proper technological assistance, fish produced from fish-culture would efficiently meet the protein demand of the growing population and thus alleviating poverty with significant employment opportunities for the country.