New Delhi (Mizzima) – An official from the Myanmar Fishery Department said that exports of fishery products to Bangladesh have fallen by about fifty percent, while the price has suffered a ten percent hit.

The official explained that the demand in Bangladesh for Burmese fishery products has slumped due to the current global financial turmoil and fierce market competition. 

"The buyers of our products rely on bank loans. Now the buyers have to stop placing orders as their banks have stopped further lending. Then the trading slackens as a result," an official from the export departmentexplained. 

Previously, Burma exported daily about 40 tons of fish to Bangladesh, but currently the corresponding figure is barely 20 tons. The official added that India is also competing in the market by exporting fish of a similar variety and quality. 

The primary fish items exported to Bangladesh from Burma are varieties of carp. The current market prices of these varieties of assorted carp range from 1,500 to 2,000 kyat (1 US$ = 1,250 kyat) per fish, depending on the size. 

Meanwhile, Burmese fish exporters have also realized a sharp decline in another major market, Middle Eastern countries, where demand has slumped by some 25 percent. Businessmen cannot make a profit by exporting to these markets as the price declines, commented a proprietor at the 'Ngwe Pinle' fishing trade zone, which exports fish to foreign markets. 

Burmese fish and fishery products are mainly exported to Arab and Middle Eastern countries such as Kuwait. Only sub-quality and sub-standard fish are put on sale in the domestic market, he elaborated. 

Burma exported 16,000 tons of fish to Bangladesh in fiscal year 2006/2007, fetching over US$ 12.2 million in export revenue, according to Burma Fishery Association statistics.