Saturday, July 20, 2024

India Sets New Record in Seafood Exports, USA and China Lead Buyers

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India exports reached an unprecedented high in the fiscal year 2023-24, totaling 17,81,602 metric tonnes (MT) valued at Rs 60,523.89 crore ($7.38 billion), according to a recent statement from the Commerce Ministry. The United States and China emerged as the largest importers of Indian seafood during this period.

Frozen shrimp maintained its position as the leading export item both in terms of quantity and value. Despite challenges faced in key markets like the USA, European Union, and the UK, India recorded a 2.67% increase in seafood exports compared to the previous fiscal year.

D V Swamy, chairman of the Marine Products Export Development Authority (MPEDA), highlighted India’s resilience in achieving this milestone despite market adversities. Frozen shrimp alone contributed significantly, earning Rs 40,013.54 crore ($4.9 billion) and accounting for 40.19% of the total export volume and 66.12% of the earnings in US dollars.

India seafood exports to USA

In the category of frozen shrimp, India exported 7,16,004 MT during 2023-24, with the USA leading as the largest importer at 2,97,571 MT, followed by China at 1,48,483 MT. Other significant markets included the European Union, Southeast Asia, Japan, and the Middle East.

The export of black tiger (BT) shrimp saw notable growth, increasing by 24.91% in quantity and showing positive gains in both rupee and US dollar value terms. BT shrimp exports totaled 38,987 MT valued at Rs 2855.27 crore ($347.84 million).

Frozen fish, the second-largest category by value, fetched Rs 5,509.69 crore ($671.17 million), despite a slight decline of 2.31% in US dollar earnings. The USA remained the primary destination for Indian seafood exports by value, importing $2,549.15 million, constituting 34.53% of the total US dollar value.

India's seafood exports to China. Both countries flags

China, excluding Hong Kong and Taiwan, emerged as the second-largest market in US dollar terms, importing 4,51,363 MT worth $1,384.89 million, accounting for 25.33% of the total quantity and 18.76% in US dollar terms.

Japan ranked third in seafood imports from India, with frozen shrimp dominating the export share, representing 33.26% of the quantity and significant portions of both rupee and US dollar values.

India seafood sector has demonstrated robust performance in 2023-24, with substantial growth in exports despite global challenges. The country’s strategic focus on frozen shrimp exports to major markets like the USA and China underscores its leadership in the global seafood trade.

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