India’s seafood export hits new high at $7.08 billion

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India’s seafood export hits new high at $7.08 billion

AgriNation News Network

Kochi. 3 July 2018

The quantity was up by 21.35% with 13, 77,244 tonnes, while the value rose 19.1% over the previous year. In dollar terms the export fetched $ 7.08 billion as against $5.77 billion a year ago with frozen shrimp and fish continuing to dominate the export basket.

USA and South East Asia retained their positions as the major import markets of India’s seafood products, with a share of 32.76% and 31.59% in dollar terms, respectively, followed by EU (15.77%), Japan (6.29%), Middle East (4.10%) and China (3.21%).

“In the face of continued uncertainties in the global seafood trade, India has been able to cling on to its position as a leading supplier of frozen shrimp and frozen fish in international markets. With a string of initiatives and policy support, we intend to achieve an export target of $10 billion by 2022,” said Marine Products Export Development Authority (MPEDA) chairman A Jayathilak.

Despite the daunting challenges of oversupply, as reflected in double-digit shrimp exports by Ecuador and Argentina in 2017, increased supply from Vietnam and Thailand, drop in global shrimp prices, and issues related to antibiotic residues, India’s seafood industry has been maintaining its growth streaks, he added.
Frozen shrimp maintained its position as the key contributor to seafood export basket, accounting for 41.10% in quantity and 68.46% of the total dollar earnings. Shrimp exports during the year rose by 30.26% in quantity and 30.10% in dollar terms.