India’s seafood exports touch all-time high by volume in FY24

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India’s seafood exports touch all-time high by volume in FY24

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India’s Seafood Exports Touch All-Time High by Volume in FY24

India’s seafood exports have reached an unprecedented milestone in the fiscal year 2023-24 (FY24), overcoming numerous challenges in key export markets. The country exported a record-breaking 1,781,602 metric tons (MT) of seafood, valued at Rs. 60,523.89 crore (US$ 7.26 billion). This achievement marks a significant improvement in export volumes, highlighting the resilience and strength of India’s seafood industry.

Record-Breaking Exports Amid Challenges

Despite facing hurdles in major markets such as the USA, the European Union (EU), and the United Kingdom (UK), India managed to achieve a 2.67% increase in export volumes compared to the previous fiscal year. In FY23, the country exported 1,735,286 MT of seafood worth Rs. 63,969.14 crore (US$ 7.67 billion). This year’s success underscores the industry’s ability to adapt and thrive in a competitive global market.

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

Frozen Shrimp: The Star Performer

Frozen shrimp continued to be the major export item, both in terms of quantity and value. It accounted for 40.19% of the total seafood export volume and 66.12% of the total dollar earnings. During FY24, frozen shrimp exports totaled 716,004 MT, generating Rs. 40,013.54 crore (US$ 4.80 billion). This represents a 0.69% increase in quantity terms from the previous year.

Major Markets for Frozen Shrimp

The USA and China were the largest importers of Indian frozen shrimp. The USA imported 297,571 MT, followed by China with 148,483 MT. Other significant markets included the European Union (89,697 MT), Southeast Asia (52,254 MT), Japan (35,906 MT), and the Middle East (28,571 MT).

Black Tiger Shrimp and Scampi Show Positive Trends

The export of Black Tiger (BT) shrimp showed impressive growth, increasing by 24.91%, 11.33%, and 8.28% in quantity terms in FY24. BT shrimp exports totaled 38,987 MT, worth Rs. 2,855.27 crore (US$ 342.3 million). China (including Hong Kong) emerged as the major destination for BT shrimp, accounting for 28.43% of the total US$ value, followed by the USA (18.21%), the EU (18.06%), and Japan (13.12%).

Scampi exports also exhibited a positive trend, increasing by 6.42%, 23.22%, and 18.96% in quantity terms. This growth further emphasizes the diversity and resilience of India’s seafood export sector.

Vannamei Shrimp: A Mixed Performance

Vannamei shrimp exports grew marginally by 0.33% in volume; however, their value declined by 11.56%, dropping from US$ 4.81 billion to US$ 4.25 billion. This decline in value highlights the need for strategic measures to enhance the profitability of this key export item.

Conclusion

India’s seafood industry has demonstrated remarkable resilience and adaptability, achieving record export volumes in FY24. The continued dominance of frozen shrimp, along with the positive trends in BT shrimp and scampi exports, underscores the strength and potential of this sector. As the industry navigates challenges and explores new opportunities, India is well-positioned to maintain its status as a leading player in the global seafood market.

The impressive performance in FY24 sets a promising precedent for future growth, contributing significantly to India’s economy and reinforcing its reputation as a reliable supplier of high-quality seafood.

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