At $7.3 billion in FY24, India’s seafood exports touched an all-time high | Economy & Policy News


Fishermen unload fishes at Pamban harbour after the annual fishing ban period ended, in Rameshwaram district, Monday, June 17, 2024. (PTI Photo)

India exported 1,781,602 metric tons of seafood worth Rs 60,523.89 crore ($7.38 billion) during the financial year 2023-24 (FY24). This marked India’s highest-ever seafood shipment by volume, with the majority destined for the markets of the United States, European Union and the United Kingdom.

“India recorded an all-time high export in terms of volume by shipping 1,781,602 MT of seafood worth $ 7.38 billion, despite the several challenges in its major export markets like the US, EU and the UK,” Shri D V Swamy IAS, chairman, Marine Products Export Development Authority (MPEDA), said.

Frozen shrimp most exported item

According to the official press release of the Centre, frozen shrimp remained the leading export item in the seafood basket, generating Rs 40,013.54 crore ($4,881.27 million). It accounted for over 40 per cent of the total export quantity and 66.12 per cent of the total value in dollar terms.

During FY24, the overall seafood export improved in quantity terms by 2.67 per cent, the release stated.

Frozen fish emerged as the second most exported item, accounting for 21.42 per cent in quantity terms. They fetched a total of $671.17 million.

Fish and shrimp- meal & feed- non-edible dried items were the third in the export list at nearly 16 per cent of total quantity while frozen squid was the fourth largest export item.

Frozen cuttlefish, lobster and Octopus are among the other items in India’s seafood export basket.

US major importer of Indian seafood

In terms of market share, the US remained the major market, importing Indian seafood worth about $2,549.15 million.

Frozen shrimp continued to be the main item exported to the US, with a share of 91.90 per cent in US dollar terms.

Excluding Hong Kong and Taiwan, China emerged as the second-largest seafood export destination. It imported seafood worth $1,384.89 million, accounting for 25.33 per cent share in quantity.

Japan is the third largest importer of Indian seafood, followed by Vietnam.

First Published: Jun 19 2024 | 3:32 PM IST

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