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In an astounding achievement, India has reached an unprecedented height in its seafood exports during the fiscal year 2022-23, breaking all previous records. Despite encountering numerous challenges in key export markets, particularly the United States, India managed to ship a staggering 17,35,286 metric tonnes (MT) of seafood valued at Rs. 63,969.14 crore (US$ 8.09 billion).
Record-breaking Export Performance
The latest data reveals remarkable growth in seafood exports for India, with an impressive increase of 26.73% in quantity, 11.08% in rupee terms, and 4.31% in US dollar terms when compared to the preceding fiscal year 2021-22. In that year, India had exported 13,69,264 MT of seafood, totaling Rs. 57,586.48 crore (US$ 7,759.58 million).
Frozen shrimp remained the leading export item both in terms of quantity and value. The United States and China emerged as the top importers of India’s seafood, underlining the global demand for Indian marine produce.
Frozen Shrimp Dominance
Frozen shrimp, with earnings of Rs. 43,135.58 crore (US$ 5,481.63 million), continued to occupy a prominent position, constituting 40.98% of the total quantity and a substantial 67.72% of the overall US dollar earnings. Shrimp exports experienced a modest growth of 1.01% in rupee value.
The cumulative export of frozen shrimp for the fiscal year 2022-23 reached an impressive 7,11,099 MT. The United States, being the largest market, imported a significant portion (2,75,662 MT) of India’s frozen shrimp, followed closely by China (1,45,743 MT), the European Union (95,377 MT), South East Asia (65,466 MT), Japan (40,975 MT), and the Middle East (31,647 MT).
Black Tiger Shrimp Surges
Notably, the export of the coveted Black Tiger (BT) shrimp surged by an astounding 74.06% in quantity, 68.64% in rupee value, and 55.41% in US dollar terms during 2022-23. BT shrimp exports reached 31,213 MT, valued at Rs. 2,564.71 crore (US$ 321.23 million). Japan emerged as the primary market for Black Tiger shrimp, accounting for 25.38% of the US dollar value, followed by the European Union (25.12%) and the United States (14.90%). In contrast, Vannamei shrimp exports experienced an 8.11% decline from US$ 5,234.36 million to US$ 4,809.99 million in 2022-23.
Diverse Seafood Portfolio
Frozen Fish emerged as the second-largest exported item, contributing Rs. 5,503.18 crore (US$ 687.05 million), representing 21.24% in quantity and 8.49% in US dollar earnings. Its export saw substantial growth in quantity, rupee, and US dollar terms, with increases of 62.65%, 58.51%, and 45.73%, respectively.
Other seafood items, collectively valued at US$ 658.84 million, included Surimi (Rs. 2,013.66 crore or US$ 253.89 million), frozen Octopus (Rs. 725.71 crore or US$ 91.74 million), Surimi Analogue products (Rs. 558.51 crore or US$ 70.35 million), canned products (Rs. 326.48 crore or US$ 41.56 million), frozen lobster (Rs. 215.15 crore or US$ 27 million), and various other products.
Frozen Squid, the fourth-largest export item, generated Rs. 3,593.75 crore (US$ 454.61 million), constituting 4.83% of the total quantity and 5.62% of US dollar earnings. It experienced an impressive growth of 28.07% in rupee value and 18.58% in US dollar value.
Diversification and Challenges Ahead
The export of Dried Items witnessed remarkable growth, with 243.27% in quantity and 167.70% in US dollar terms, accumulating Rs. 3,080.92 crore (US$ 384.05 million). Dried fish and shrimp meal together contributed US$ 307.96 million, while dried fish maws fetched US$ 24.88 million.
Export of frozen Cuttlefish, totaling 54,919 MT, displayed growth of 14.09% in rupee value and 5.50% in US dollar value, accumulating Rs. 2,353.34 crore (US$ 295.49 million).
The chilled and live seafood sectors also exhibited promising growth, with increases of 20.73% and 24.53% in US dollar terms, respectively.
International Markets
The United States remained the paramount importer of Indian seafood in terms of value, importing goods worth US$ 2,632.08 million, representing 32.52% of total US dollar value. Exports to the US decreased by 21.94% in US dollar terms due to subdued demand. Frozen shrimp remained the principal item exported to the US, accounting for 92.70% in US dollar terms.
China emerged as the second-largest seafood import destination from India, both in terms of quantity and US dollar value, importing 4,05,547 MT worth US$ 1,508.43 million, constituting 23.37% of the total quantity and 18.64% in US dollar terms. Exports to China surged by 51.90% in quantity, 32.02% in rupee value, and 28.37% in US dollar value. Frozen shrimp, the primary export item to China, held a substantial share of 35.94% in quantity and an impressive 60.92% in US dollar value.
The European Union retained its position as the third-largest destination with imports of 2,07,976 MT valued at US$ 1,263.71 million. Frozen shrimp constituted the major export item, registering an increase of 15.12% in rupee value and 7.20% in US dollar value.
South East Asia ranked fourth among the largest markets, importing 4,31,774 MT worth US$ 1,191.25 million. Here, frozen shrimp played a pivotal role, capturing 15.16% of the total quantity and 35.17% of US dollar value, with an impressive growth of 46.08%. Frozen fish, the second major export to South East Asia, accounted for 36.02% in quantity and 20.57% in US dollar value, displaying a substantial growth of 46.84%.
Japan maintained its position as the fifth-largest importer, representing 6.29% of quantity and 5.99% of US dollar value, with a growth rate of 9.99%. Frozen shrimp remained the dominant export item to Japan, constituting 71.35% in US dollar value and experiencing a growth of 5.26% in US dollar terms.
Exports to the Middle East, by quantity, amounted to 77,677 MT and were valued at US$ 330.68 million. This market exhibited growth of 32.95% in quantity, 17.33% in rupee, and 9.09% in US dollar terms.
India’s astounding seafood export performance in FY 2022-23 underscores its resilience and adaptability in the face of global challenges while reaffirming its position as a prominent player in the international seafood market.