India targets increasing seafood exports to $12 billion within two years
India aims to boost seafood exports to $12 billion in two years, focusing on high-end markets like the US and Europe. It's already a major supplier to the US, particularly in frozen shrimps.
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India's plan to expand seafood exports to $12 billion in the next two years, up from the current $8 billion. This push will focus on high-end markets like the United States and Europe. According to officials from the Commerce Ministry, India is already the largest supplier of seafood to the United States, with exports reaching $2.6 billion in 2022/23, particularly in frozen shrimps. India's current position in the global seafood market highlights its growing significance in international trade.
The government aims to emphasize value addition and promote good labor and environmental practices among exporters. Strategies for boosting seafood exports from India include focusing on shrimp farming, which provides opportunities for around 200,000 workers, mainly women in Southern states like Andhra Pradesh. However, there might be a slowdown in global demand this fiscal year.
Major markets for India's seafood exports also include China, the European Union, Southeast Asia, Japan, and Middle Eastern countries. Besides frozen shrimp, products like frozen fish, octopus, and cuttlefish are gaining traction in international markets. Seafood exports in India's economy play a crucial role in its global trade dynamics and economic growth.
Responding to allegations of exploitative labor practices among some shrimp exporters, officials dismissed them as baseless, possibly driven by trade rivalry. They plan to address these concerns by meeting with seafood exporters and engaging with state governments to ensure compliance with international standards.
The Federation of Indian Export Organizations asserts that shrimp exporters are adhering to food safety and quality norms to meet the requirements of importing nations, including the United States. The government may also consider conducting an independent study on working conditions to address any buyer concerns. India's seafood export industry prioritizes compliance with international standards to ensure the quality and safety of its products.
India's seafood export industry is poised for growth, with efforts focused on expanding into high-value markets and maintaining quality standards to meet international demand, ultimately aiming achieving the $12 billion seafood export target.
