India: Exports to U.S. growing ‘exponentially’
India’s seafood exports surpassed the USD 2.8 billion mark for the first time in fiscal 2010-11, the country’s Marine Products Export Development Authority (MPEDA) reported on Friday.
The country’s total seafood exports reached 813,091 metric tons valued at USD 2.85 billion (INR 131.5 billion), up about 20 percent in quantity and 34 in value (in U.S. dollars terms) from the previous year. India’s fiscal runs from 1 April to 31 March.
The Indian government credited the hike in the value of the country’s seafood exports to increased production of vannamei shrimp, increased productivity of black tiger shrimp and higher prices of shrimp, cuttlefish and squid.
European Union remains India’s No. 1 market, representing a 26.8 percent of total seafood exports, followed by Southeast Asia 16.4 percent, China at 15.4 percent, the United States at 15.3 percent, Japan at 13.1 percent and the Middle East at 5.2 percent.
Though the United States ranks No. 4, India’s seafood exports to that country have experienced “exponential growth,” increasing 50 percent in quantity and 105 percent in value (in U.S. dollars terms) from fiscal 2009-10 to 2010-11, according to the Indian government.