At 4.5 bn dollar, Seafood Exports Surpass Target This Fiscal
Seafood export target, set by the Marine Products Export Development Authority (MPEDA) of India, has surpassed the target and achieved an export value of $4.5 billion, against the target of $4.3 billion for the fiscal 2013-14.
Serious fall in the production and export of shrimp from Southeast Asian countries, lowering of countervailing duty on Indian shrimp exports in the US and the depreciation of Indian currency are the major factors of the improved performance. MPEDA now targets an earning of $10 billion by 2020 from marine products exports.
As per the provisional estimate of MPEDA, India’s seafood export has crossed one million tonne mark for the first time in this financial year, earning over $4.5 billion, which is a record so far. “During 2011-12 and 2012-13, earnings were $3.5 billion. It was increased by $1 billion in revenue in 12 months. Export revenue grew 30 per cent in dollar terms. In rupee terms, the estimates indicated an earning of `20,000 crore. In 2012-13, India exported 928,215 tonnes valued at `18,856 crore. In 2011-12, the country had exported 862,021 tonnes valued at `16,597 crore,” the MPEDA estimate said. Rise in local demand in Korea warmed up global prices.
However, the US was the largest market for Indian shrimps, as the country imported 51.24 per cent of the total Indian shrimp exports. This was followed by South East Asian countries (16 per cent), EU (15.82 per cent) and Japan (4.94 per cent). Shortage of shrimp due to spread of Early Mortality Syndrome also caused rise in prices.
Increase in the production of Vannamei shrimp, rise in the productivity of Black Tiger variety and increase in export of chilled items also helped achieve higher exports, MPEDA said. In order to achieve the 2020 target, MPEDA rely on increased production of Vannamei shrimp, quality control measures and increase in infrastructure facilities for production of Value added items.