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HomeLive StockAcquacultureIndia’s seafood exports touch all-time high by volume in FY 2023-24

India’s seafood exports touch all-time high by volume in FY 2023-24

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Major export items include frozen shrimp and frozen fish; US & China remain top export destinations.

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 (US$7.38 billion) during 2023-24.

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 (US$8,094.31million).

“India recorded an all-time high export in terms of volume by shipping 17,81,602 MT of seafood worth US$ 7.38 billion, despite the several challenges in its major export markets like the USA, EU & the UK,” D V Swamy IAS, Chairman, Marine Products Export Development Authority (MPEDA), said.

Frozen shrimp, which earned Rs 40,013.54 crore (US$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 export of black tiger (BT) shrimp increased by 24.91 per cent, 11.33 per cent and 8.28 per cent in quantity, value and US$ terms, respectively, in 2023-24. BT shrimps were exported to the tune of 38,987 MT worth Rs 2855.27 Cr (US$347.84 million).  China (including Hong Kong) turned out to be the major export destination for black tiger shrimp with a share of 28.43 per cent in terms of US$ 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 and US$ 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 US$ 4809.99 million to US$ 4253.86 million.

Major Export Destinations

As for overseas markets, the USA continued to be the major importer of Indian seafood in value terms, with an import worth US$2,549.15 million, accounting for a share of 34.53% in terms of US$ value. Exports to the US increased by 7.46 per cent and 1.42 per cent in quantity and value ₹ terms; however, they declined by 3.15 per cent in US$ terms. Frozen shrimp continued to be the principal item exported to the US, with a share of 91.90% in US terms. Exports of black tiger shrimp to the US increased by 35.37 per cent in quantity terms and 32.35% 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 US$ with an import volume of 4,51,363 MT worth US$1,384.89 million, accounting for 25.33 per cent share in quantity and 18.76 per cent in US$ terms. Exports to China grew by 12.80% in quantity; however, they declined by 0.88% in ₹ value and 4.21% inUS$ value. Frozen shrimp, the major item of exports to China, had a share of 32% in quantity and 55.11 per cent in US$ value, while frozen fish had a second most share of 36.83% in quantity and 21.56% in terms of US$ value out of the total exports to China.

Japan is the third largest importer, with a share of 6.06 per cent in quantity and 5.42 per cent in US$ value terms. Frozen shrimp continued to be the major item of exports to Japan, with a share of 33.26% in quantity, 65.94% in ₹, and 65.98 percent in US$ value.

Vietnam holds the fourth largest market position, importing 1,32,086 MT worth US$ 391.41 million. Frozen shrimp dominates the import with a share of 55.43% in US$ earnings and 30.11% in quantity, followed by dried items.

Thailand is the fifth largest market, with a US$ share of 3.82 per cent and a third-place position by volume (7.77 per cent share), with 1,38,457 MT worth US$ 281.97 million. Frozen fish remained the significant item exported to Thailand, accounting for a share of 44.37 per cent in US$ earnings and 63.91 per cent in quantity.

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