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Saturday, July 20th, 2024

India records all-time high seafood exports in FY24


India’s seafood exports reached an all-time high in volume terms during the financial year 2023-24, the Ministry of Commerce and Industry said on Wednesday.

The ministry said that India exported 17,81,602 metric tonnes of seafood worth Rs 60,523.89 crore (US$ 7.38 billion) during 2023-24. The country has achieved this feat despite various challenges in the export markets.

In terms of major export items, frozen shrimp leads in terms of volume and value, while the US and China have become major importers of seafood from India.

Exports grew by 2.67 per cent in volume terms during FY 2023-24. In 2022-23, India exported 17,35,286 metric tonnes of seafood worth Rs 63,969.14 crore (US$ 8,094.31 million).

DV Swamy IAS, Chairman, Marine Products Export Development Authority (MPEDA) said, “India has recorded its highest ever exports in terms of volume by exporting 17,81,602 metric tonnes of seafood worth US$ 7.38 billion despite several challenges in its major export markets like the US, EU and the UK.”

Frozen shrimp exports from India earned Rs 40,013.54 crore (US$ 4881.27 million), accounting for 40.19 per cent of total export volume and 66.12 per cent of total earnings.

During 2023-24, frozen shrimp exports grew by 0.69 percent in volume, reaching 716,004 metric tons. The US was the largest market, importing 297,571 metric tons, followed by China (148,483 metric tons), the European Union (89,697 metric tons), Southeast Asia (52,254 metric tons), Japan (35,906 metric tons) and the Middle East (28,571 metric tons).

Exports of Black Tiger (BT) shrimp increased by 24.91 per cent in quantity, 11.33 per cent in value and 8.28 per cent in US dollar terms.

A total of 38,987 metric tonnes of BT shrimp were exported, valued at Rs 2,855.27 crore (US$ 347.84 million), with China (including Hong Kong) being the largest market with a share of 28.43 per cent in US dollar value, followed by the US (18.21 per cent), the EU (18.06 per cent) and Japan (13.12 per cent).

The US remained the top importer of Indian seafood, importing US$2,549.15 million, accounting for 34.53 per cent in US dollar value. Exports to the US grew 7.46 per cent in volume and 1.42 per cent in value, but declined 3.15 per cent in US dollar terms.

The share of frozen shrimp in exports to the US was 91.90 per cent. Exports of black tiger shrimp to the US grew by 35.37 per cent in terms of quantity and 32.35 per cent in terms of US dollar value.

China remained the second largest export destination with imports of 451,363 metric tons worth US$1,384.89 million, up 25.33 percent in terms of volume and 18.76 percent in terms of US dollar value. Exports to China grew 12.80 percent in terms of volume but declined 0.88 percent in terms of value and 4.21 percent in terms of US dollar value. Major items exported to China were frozen shrimp and frozen fish.

Japan ranked third, importing 6.06 per cent by volume and 5.42 per cent by US dollar value. The main item exported to Japan was frozen shrimp, which had a share of 33.26 per cent by volume and about 66 per cent in terms of both rupee and US dollar value.



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