India Exported 17,81,602 MT of Seafood, Witness 2.67 Percent Increase

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India’s seafood exports have achieved significant milestones in the fiscal year 2023-24, as highlighted in the annual report by the Marine Products Export Development Authority (MPEDA). Here are the key highlights:

Key Points:

Total Export Volume and Revenue:

• India exported 17,81,602 metric tonnes (MT) of seafood, generating a revenue of Rs 60,523.89 crore (USD 7.38 billion). This represents a 2.67% increase in quantity compared to the previous fiscal year.
• However, despite the increase in quantity, the revenue dipped by 5.4% from the previous fiscal year.

Major Contributor: Frozen Shrimp

• Frozen shrimp accounted for the largest share, with 7,16,004 tonnes exported, contributing to 40.19% of the total seafood export volume.
• Revenue from frozen shrimp stood at Rs 40,013.54 crore, making up 66.12% of the total revenue generated from seafood exports.
• The export of frozen shrimp increased by 0.69% in quantity compared to the previous fiscal year.

Top Importers of Frozen Shrimp:

• The USA emerged as the largest importer of Indian frozen shrimp, importing 2,97,571 tonnes, followed by China (1,48,483 tonnes), EU (89,697 tonnes), southeast Asia (52,254 tonnes), Japan (35,906 tonnes), and the Middle East (28,571 tonnes).

Other Major Export Categories:

• Frozen fish ranked second in terms of revenue, bringing in Rs 5,509.69 crore.
• Fish and shrimp meal & feed ranked third, contributing Rs 3,684 crore.
• Frozen squid and surimi, surimi analogs followed with revenues of Rs 3,061.46 crore and Rs 2,414.43 crore, respectively.

Key Import Markets:

• The USA continued to dominate as the largest importer of Indian seafood, accounting for 34.53% of the total USD value, followed by China (25.33%) and Japan (6.06%).

Chairman’s Statement:

• DV Swamy, Chairman of MPEDA, noted that despite challenges in major markets like the USA, EU, and UK, India’s seafood exports reached an all-time high in volume, underscoring resilience and growth in the sector.

Conclusion:

India’s seafood export industry has demonstrated robust performance in terms of volume, despite facing revenue challenges. The sector’s reliance on frozen shrimp as a major revenue driver remains pivotal, with potential for growth and diversification in export destinations and product categories in the future.