NEW DELHI, June 19 : India has achieved an all-time high export of seafood during the financial year 2023-24 with “frozen shrimp” being the major export item both in quantity and value terms.
India’s seafood exports touched an all-time high in volume during the financial year 2023-24 despite various challenges in significant export markets. India shipped 17,81,602 MT of seafood worth Rs 60,523.89 crore (USD 7.38 billion) during 2023-24, Ministry of Commerce & Industry said in a statement.
Frozen shrimp remained the major export item in quantity and value, while the USA and China became the major importers of India’s seafood. During FY 2023-24, the export improved in quantity terms by 2.67 per cent. In 2022-23, India exported 17,35,286 MT of seafood worth Rs 63,969.14 crore (USD 8,094.31million).
India recorded an all-time high export in terms of volume of seafood despite the several challenges in its major export markets like the USA, EU and the UK, D V Swamy IAS, Chairman, Marine Products Export Development Authority (MPEDA), said.
Frozen shrimp, which earned Rs 40,013.54 crore (USD 4881.27million), retained its position as the top item in the seafood export basket, accounting for a share of 40.19 per cent in quantity and 66.12 per cent of the total dollar earnings. Shrimp exports during the period increased by 0.69 per cent in quantity terms.
The export of frozen shrimps during 2023-24 was pegged at 7,16,004 MT. The USA, the largest market, imported 2,97,571 MT of frozen shrimp, followed by China (1,48,483MT), the European Union (89,697 MT), Southeast Asia (52,254MT), Japan (35,906MT), and the Middle East (28,571 MT), the Ministry said.
The export of black tiger (BT) shrimp increased by 24.91 per cent, 11.33 per cent and 8.28 per cent in quantity, value Rs and USD terms, respectively, in 2023-24. BT shrimps were exported to the tune of 38,987 MT worth Rs 2855.27 Cr (USD 347.84 million). China (including Hong Kong) turned out to be the major export destination for black tiger shrimp with a share of 28.43 per cent in terms of USD value, followed by the USA (18.21 per cent), European Union (18.06 per cent) and Japan (13.12 per cent).
Scampi exports have shown a positive trend of 6.42 per cent, 23.22 per cent and 18.96 per cent in quantity, value Rs and USD terms, respectively, in 2023-24. The Vannamei shrimp exports have grown in 2023-24 by 0.33 per cent by volume; however, they declined by 11.56 per cent from USD 4809.99 million to USD 4253.86 million.
Among other major export items included frozen fish, fish and shrimp – meal & feed- non-edible dried items, frozen squid, surimi and surimi analogs, frozen cuttlefish, chilled items, frozen octopus occupied major share.
As for overseas markets, the USA continued to be the major importer of Indian seafood in value terms, with an import worth USD 2,549.15 million, accounting for a share of 34.53 per cent in terms of USD value. Exports to the US increased by 7.46 per cent and 1.42per cent in quantity and value Rs terms; however, they declined by 3.15 per cent in USD terms.
Frozen shrimp continued to be the principal item exported to the US, with a share of 91.90 per cent in US terms. Exports of black tiger shrimp to the US increased by 35.37 per cent in quantity terms and 32.35 per cent in value in US terms.
China (excluding Hong Kong and Taiwan) emerged as the second largest seafood export destination country for India in terms of USD with an import volume of 4,51,363 MT worth USD 1,384.89 million, accounting for 25.33 per cent share in quantity and 18.76 per cent in USD terms.
Exports to China grew by 12.80 per cent in quantity; however, they declined by 0.88 per cent in Rs value and 4.21 per cent in USD value.
Frozen shrimp, the major item of exports to China, had a share of 32 per cent in quantity and 55.11 per cent in USD value, while frozen fish had a second most share of 36.83 per cent in quantity and 21.56 per cent in terms of USD value out of the total exports to China.
Japan is the third largest importer, Vietnam holds the fourth largest market position, Thailand is the fifth largest market, Canada ranks as the sixth largest market, Spain is the seventh largest market, Belgium ranks eighth among seafood export destinations for India followed by United Arab Emirates (UAE) Italy. The top 10 markets contribute 79.89 per cent by USD terms, the Ministry added. (UNI)
Follow our WhatsApp channel
