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Despite heavy odds, India’s seafood exports registered $8.09 billion (₹63,969.14 crore) in FY23, which is an all-time high in terms of quantity by 27 per cent, 11 per cent in rupee, and 4.31 per cent in dollar value.
The country exported 17,35,286 tonnes of marine products, with frozen shrimp remaining major export item in terms of quantity and value, with the US and China turning out to be the major importers. Frozen shrimp exports increased by one per cent in rupee value terms from ₹42,706.04 crore to ₹43,135.58 crore.
DV Swamy, Chairman, Marine Products Export Development Authority, said India managed to achieve all-time high exports despite several challenges in its major export markets, such as the US.
- Also read: Kerala should create its own brand of value-added fish products for overseas market: Minister
Frozen shrimp, which earned ₹43,135.58 crore ($5481.63 million), retained its position as the most significant item in the seafood export basket, accounting for a share of 41 per cent in quantity and 68 per cent of the total dollar earnings.
The overall export of frozen shrimp was pegged at 7,11,099 tonnes. US, the largest market, imported 2,75,662 tonnes, followed by China (1,45,743 tonnes), the European Union (95,377 tonnes), South East Asia (65,466 tonnes), Japan (40,975 tonnes), and West Asia (31,647 tonnes).
Down in $
Exports to the US declined by 22 per cent in dollar terms due to sluggish demand. Japan turned out to be the major market for black tiger shrimp, followed by the European Union and the US. However, Vannamei shrimp exports declined by 8 per cent from $5234.36 million to $4809.99 million.
Frozen fish, the second-largest exported item, fetched ₹5,503.18 crore ($687.05 million).
Under other items, the third largest export basket worth $658.84 million was Surimi, which fetched ₹2,013.66 crore ($253.89 million). Octopus fetched ₹725.71 crore ($91.74 million), Surimi analogue products fetched ₹558.51 crore ($70.35 million), and canned products fetched ₹326.48 crore.
- Also read: Why our export mix is changing
The aquaculture sector has contributed 63 per cent of exported items in terms of dollars and 38 per cent in terms of quantity. Capture fisheries contribution increased from 51 per cent to 62 per cent in terms of quantity and from 30 per cent to 37 per cent in terms of dollar value.
Other countries such as Russia, Canada, Chile, Turkey, the Dominican Republic, Bangladesh, Tunisia, etc. also contributed their share to the country’s marine products export basket.
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