Price pressure hits seafood exporters

India recorded an all-time high export in terms of volume by shipping 17,81,602 MT of seafood...despite the several challenges in its major export markets like the USA, European Union and the UK, said DV Swamy, Chairman of Marine Products Export Development Authority (MPEDA)

New Delhi: India’s seafood exports have recorded a growth of 3 per cent in volume terms, but a decline of about 8 per cent in value during the last financial year, according to the data of the commerce ministry.

Exports in volume terms have increased to 17,81,602 MT (tonnes) worth $7.38 billion during 2023-24 as against 17,35,286 MT ($8 bn) in 2022-23.

“India recorded an all-time high export in terms of volume by shipping 17,81,602 MT of seafood...despite the several challenges in its major export markets like the USA, European Union and the UK,” DV Swamy, Chairman of Marine Products Export Development Authority (MPEDA), said.

Frozen shrimp, with exports of $4.88 billion, 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 in dollar terms.

The US was the largest market for frozen shrimp (2,97,571 MT) in the last fiscal. It was followed by China (1,48,483 MT), the European Union (89,697 MT), Southeast Asia (52,254 MT), Japan (35,906 MT), and the Middle East (28,571 MT). The ministry said that black tiger shrimp exports too recorded healthy growth.

“Frozen fish, the second largest exported item, fetched $6.71 billion, accounting for 21.42 per cent in quantity and 9.09 per cent in $earnings,” it said, adding that in dollar terms, these shipments dipped by 2.31 per cent in 2023-24. The other key export products include frozen squid, Surimi, frozen cuttlefish, and frozen octopus. It added that the US continued to be the major importer of Indian seafood in value terms, with an import of $2.55 billion in 2023-24. It is followed by China, Japan, Vietnam, Thailand, Canada, Spain, and Belgium.