Despite achieving an all-time high volume, India’s seafood exports saw a 5.38% decline in value, dropping to Rs 60,523.89 crore during the financial year 2023-24 from Rs 63,969.14 crore in the previous year. In dollar terms, the exports fell by 8.77%, from $8.09 billion to $7.38 billion.
India shipped 17,81,602 metric tons (MT) of seafood in 2023-24, with frozen shrimp remaining the major export item by both quantity and value. The USA and China emerged as the largest importers of India’s seafood, according to an official release.
Frozen shrimp earned Rs 40,013.54 crore ($4.88 billion), maintaining its position as the top item in the seafood export basket. It accounted for 40.19% of the quantity and 66.12% of total dollar earnings. The export of frozen shrimp increased by 0.69% in quantity, totaling 7,16,004 MT. The USA imported the most frozen shrimp (2,97,571 MT), followed by China (1,48,483 MT).
The export of black tiger (BT) shrimp saw significant growth, with a 24.91% increase in quantity, 11.33% in value, and 8.28% in dollar terms. BT shrimp exports reached 38,987 MT worth Rs 2,855.27 crore ($347.84 million). China was the major export destination for BT shrimp, followed by the USA, the European Union, and Japan.
Other significant export items included frozen fish, which fetched Rs 5,509.69 crore ($671.17 million), and fish and shrimp meal, earning Rs 3,684.79 crore ($449.17 million). Frozen squid and surimi also contributed notably to the export earnings.
The USA continued to be the major importer of Indian seafood in value terms, with imports worth $2,549.15 million, accounting for a 34.53% share in dollar value. China followed as the second-largest market, importing seafood worth $1,384.89 million.
Despite the decline in export value, the increase in export volume highlights India’s growing prominence in the global seafood market.
