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India records all-time high sea food export in FY 24

India has achieved a record-breaking milestone in seafood exports during the financial year 2023-24, according to the Ministry of Commerce and Industry. The country exported a total of 17,81,602 metric tons (MT) of seafood, valued at Rs 60,523.89 crore (USD 7.38 billion), despite facing significant challenges in key export markets.

Frozen shrimp emerged as the leading export in terms of both quantity and value, with the USA and China being the primary importers of Indian seafood. The overall export volume increased by 2.67 percent compared to the previous year, when India exported 17,35,286 MT worth Rs 63,969.14 crore (USD 8.094 billion).

D V Swamy IAS, Chairman of the Marine Products Export Development Authority (MPEDA), highlighted the achievement, noting the all-time high export volume despite difficulties in major markets such as the USA, EU, and UK.

Frozen shrimp exports from India generated Rs 40,013.54 crore (USD 4.881 billion), accounting for 40.19 percent of the total export volume and 66.12 percent of total earnings. The export volume of frozen shrimp increased by 0.69 percent, reaching 716,004 MT. The USA was the largest market, importing 297,571 MT, followed by China (148,483 MT), the European Union (89,697 MT), Southeast Asia (52,254 MT), Japan (35,906 MT), and the Middle East (28,571 MT).

The export of black tiger (BT) shrimp saw significant growth, with a 24.91 percent increase in quantity, 11.33 percent in value, and 8.28 percent in USD terms. A total of 38,987 MT of BT shrimp worth Rs 2,855.27 crore (USD 347.84 million) were exported, with China (including Hong Kong) being the largest market, followed by the USA, the European Union, and Japan.

The USA remained the top importer of Indian seafood, with imports worth USD 2.549 billion, accounting for 34.53 percent of the total USD value. Exports to the USA grew by 7.46 percent in quantity and 1.42 percent in value but declined by 3.15 percent in USD terms. Frozen shrimp constituted 91.90 percent of the exports to the USA, with black tiger shrimp exports to the USA increasing by 35.37 percent in quantity and 32.35 percent in USD value.

China was the second-largest export destination, importing 451,363 MT worth USD 1.384 billion, representing 25.33 percent in quantity and 18.76 percent in USD value. Exports to China grew by 12.80 percent in quantity but declined by 0.88 percent in value and 4.21 percent in USD value. The main items exported to China were frozen shrimp and frozen fish.

Japan ranked third, with imports accounting for 6.06 percent in quantity and 5.42 percent in USD value. Frozen shrimp was the main export item to Japan, making up 33.26 percent in quantity and about 66 percent in both rupees and USD value.

(ANI)

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Last Updated: 15th Jul 2024