Exports of Indian marine products experienced an 8.74 percent decline, reaching USD 7.37 billion during the 2023-24 fiscal year, according to data released by the Commerce Ministry. This contraction is primarily attributed to a demand slowdown in key markets, including the US and Europe.
Despite the downturn, Indian exporters remain optimistic about the future. Leading industry figure, Yogesh Gupta, Managing Director of Megaa Moda, expressed confidence that marine exports would see substantial growth in 2024-25, citing robust order books and competitive advantages. “As the US has imposed an anti-dumping duty on Ecuador, our products will now have a competitive edge and are expected to increase exports,” Gupta noted. “With frozen shrimp from India and Ecuador competing in the US market, we are hopeful to gain market share. In 2024-25, our exports will register good growth.”
India has set an ambitious target to increase seafood exports to Rs 1 lakh crore over the next two years by enhancing processing capacity and shifting to higher value-added products. In the 2022-23 fiscal year, India achieved record seafood exports, shipping 17,35,286 tonnes of seafood valued at Rs 63,969.14 crore (USD 8.09 billion).
Frozen shrimp was the dominant export item in both quantity and value, with the US and China being the largest importers. In 2022-23, India exported 7,11,099 tonnes of frozen shrimp, earning Rs 43,135.58 crore (USD 5,481.63 million). The US alone imported 2,75,662 tonnes, accounting for USD 2.4 billion of the total shrimp exports.
India’s shrimp farming industry, with around 1 lakh farms predominantly located in Andhra Pradesh, continues to be a major contributor to the country’s marine exports. The top export destinations include the US, Europe, China, Japan, Vietnam, and Thailand. Besides frozen shrimp, other significant marine export products include frozen fish and frozen squid.
As Indian exporters gear up for the coming year, the focus remains on capturing larger market shares and achieving growth in the global seafood market.
Source: The Economic Times
