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India's seafood exports are targeted to rise to $ 4 billion for the current year, up from $ 2.8 billion which was achieved in 2010-11.
Addressing a press conference in Kochi, Ms Leena Nair, Chairperson of the Marine Products Export Development Authority (MPEDA), said that increased production of vannamei shrimp, growth in infrastructure facilities for production of value added items and re-gaining pace in the Japanese market after the tsunami are expected to help in achieving this target.
Growth last year
This is on the back of buoyant growth in 2010-11 when seafood exports had spurted by 19.85 per cent in quantity to 8, 13,091 tonnes, 28.39 per cent growth in value to Rs 12,901.47 crore and 33.95 per cent growth in dollar earnings.
Shrimp exports had grown by 16 per cent in quantity, 37 per cent in value and 43 per cent in dollar earnings during last year.
The US was the biggest export destination for vannamei shrimp.
The prices of shrimp have been increasing over last year and the only hindrance before the export target is any unforeseen global economic shock impacting demand from the developed world.
Although new markets and new products have been opening up the export frontiers for seafood export, the dependence on traditional markets was very much in evidence.
Major markets
South East Asia which had emerged as a major market destination have been revealed an export growth rate of over 50 per cent in quantity, over 40 per cent in value realisation and close to 50 per cent growth in dollar earnings.
The growth in new markets like Egypt, South Africa and the Gulf countries are all expected to augment the growth process, Mr Anwar Hashim, President of the Seafood Exporters Association of India (SEAI) said.
The growth in farmed and fished product exports have helped the country to achieve the records that it set last year, he added.
Widening export basket
With the increasing dominance of countries of South East Asia in the export destinations, new items have also been added to the export basket.
Mackerel exports to Thailand last year have been huge. And the prices have been handsome.
Ribbon fish which used to command a price of less than one dollar in the global markets has now grown over three fold to above three dollars.
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