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Frozen Foods International News
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| Falling Euro Felling Bangladesh Exports |
The free-faling euro is death on the export industries in Bangladesh.
"Our exports and earnings have already hit the rock-bottom. The
plummeting euro will just kill us," said Musa Meah, President
of the Bangladesh Frozen Food Exporters' Association (BFFEA), a
trade group.
Frozen food shipments dropped by 30% to Tk 29 billion in 2009,
compared to Tk 42 billion a year earlier in the aftermath of the
global recession that crimped demand for the luxury item in the
US and the European markets. Production was also lower due to the
cyclone Aila.
"This sector risks losing its rank as the country's second
largest export earner. That will mean lower foreign income and
more job losses," Meah told the Financial Express. This was less
than two months after he had looked forward to the country
becoming the worlds largest shrimp exporter.
The woes of the euro have already lowered the value of the
country's over $10 billion foreign exchange reserves stocked in
triple-A rated banks in the United States and Europe. The
Bangladesh Bank estimated that fluctuations in the European
currency caused an exchange valuation loss of more than $240
million during May alone.
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| 27-May-10 |
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