Pakistani seafood prices fall in world market

The Fish Site
by The Fish Site
21 March 2007, at 12:00am

KARACHI - Seafood industry is facing another shock as the prices of countrys products have declined sharply in international market just almost a week after the European Union delisted Pakistani exporters on poor quality.

Industry officials say the situation is worsening with each passing day, as within a week prices of Pakistani seafood in the international market have declined by almost 20 per cent, which may fall further in the days to come.

“Actually, whenever there is a ban from any international buyer, reaction from other foreign markets comes straight away,” said Sardar Hanif Khan, Chairman, Pakistan Seafood Industry Association (PSIA). “They (international buyers) exploit the weaknesses and make deal at prices they want. So this time it came in a natural course.”

He said currently the exporters were facing cancellation of deals from the intentional buyers other than EU, as they were insisting on lower prices of the product, which the local industry were compelled to accept.

“There is no option available, except strike deals at lower prices,” said Khan. “We are considering several ways along with the Sindh government for damage control.”

The government last week finally received a verdict from the EU, which informed Pakistani fishery authorities about delisting of all the processing factories on quality grounds, putting ban on more than $80 million country’s exports.

The EU decision came after more than a month its team visited Karachi fish harbour and other fisheries installations in January 2007 to check seafood quality being to its member countries.

In February 2005 the EU team wrapped up its visit on warnings that Pakistani authorities should maintain seafood quality as per the set standards otherwise they would lose their largest seafood export market.

Source: The News-International