Thanks to high demand for its frozen seafood in overseas markets, particularly shrimp, India exported more than 1.1 million metric tons (MT) of fisheries and aquaculture products worth a record USD 5.8 billion (EUR 5.2 billion) in the fiscal year 2016-2017, up from 945,892 MT worth USD 4.7 billion (EUR 4.2 billion) recorded for the previous 12 months.
The Marine Products Export Development Authority (MPEDA) confirmed that frozen shrimp maintained its position as India’s No. 1 seafood export, accounting for 38.3 percent of the total volume exported and 64.5 percent of the earnings. Year-on-year, the country’s shrimp exports increased by 16.2 percent in terms of quantity and 20.3 percent in value.
Frozen fish was the country’s second largest export item, accounting for 26.2 percent and 11.6 percent of the total volume and value respectively. This category registered a growth in value of 26.92 percent year-on-year.
The United States and Southeast Asia continued to be the main export markets for Indian seafood products during the past year, while there was also increased demand from the EU.
The U.S. market imported 188,617 MT of Indian seafood in the last year, accounting for almost 30 percent of the total value. The volume and value of this trade increased 22.7 percent and 29.8 percent year-on-year respectively.
Southeast Asia’s share of the total trade amounted to 29.9 percent, followed by the EU with almost 18 percent and Japan with 6.8 percent.
Overall, exports to Southeast Asia increased by 47.4 percent in quantity and 49.9 percent in dollar earnings.
Nirmala Sitharaman, India’s minister for commerce and industry, said that the increased production of white shrimp (Litopenaeus vannamei), the diversification of aquaculture species, sustained measures to ensure quality, and the increase in infrastructure facilities for the production of value-added products were largely responsible for India’s positive growth in exports of seafood over the past year.
Overall, the country’s shrimp exports during FY 2016-2017 totaled 434,484 MT, worth USD 3.7 billion (EUR 3.3 billion). The United States was the largest import market for frozen shrimp with 165,827 MT, followed by Southeast Asia with 105,763 MT and the EU with 77,178 MT.
In volume terms, the contribution of its vannamei exports increased 28.5 percent to 329,766 MT.
Besides frozen shrimp and frozen fish, India’s other major seafood product was frozen squid, which recorded a growth of 21.5 percent in volume and 57 percent in terms dollar earnings.
