India’s seafood exports touch all-time high in FY 2023-24 but decline by 5.38 per cent in value terms

India shipped 17,81,602 MT of seafood during 2023-24 with frozen shrimp remaining the major export item in quantity and value, while the USA and China became the major importers of India’s seafood, an official release said here.
Image used for representative purposes
Image used for representative purposesFile photo

KOCHI: Despite touching an all-time high volume, India’s seafood exports declined by 5.38 % to touch Rs 60,523.89 crore during the financial year 2023-24 from Rs 63,969.14 crore in the previous year. In dollar terms, the seafood exports fell 8.77% from $8.09 billion to $ 7.38 billion.

India shipped 17,81,602 MT of seafood during 2023-24 with frozen shrimp remaining the major export item in quantity and value, while the USA and China became the major importers of India’s seafood, an official release said here.

During FY 2023-24, the export improved in quantity terms by 2.67%. “India recorded an all-time high export in terms of volume by shipping 17,81,602 MT of seafood worth $7.38 billion, despite the several challenges in its major export markets like the USA, EU and the UK,” D V Swamy, chairman, Marine Products Export Development Authority (MPEDA), said.

Frozen shrimp, which earned Rs 40,013.54 crore ($4881.27million), retained its position as the top item in the seafood export basket, accounting for a share of 40.19% in quantity and 66.12% of the total dollar earnings. Shrimp exports during the period increased by 0.69% in quantity terms. The export of frozen shrimps during 2023-24 was pegged at 7,16,004MT.

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The USA, the largest market, imported (2,97,571 MT) of frozen shrimp, followed by China (1,48,483MT), the European Union (89,697MT), Southeast Asia (52,254MT),Japan (35,906MT), and the Middle East (28,571MT).

The export of black tiger (BT) shrimp increased by 24.91%, 11.33% and 8.28% in quantity, value and dollar terms, respectively, in 2023-24. BT shrimps were exported to the tune of 38,987 MT worth Rs 2855.27 crore ($347.84 million).

China (including Hongkong) turned out to be the major export destination for black tiger shrimp with a share of 28.43% in terms of US value, followed by the USA (18.21%), European Union (18.06%) and Japan (13.12%). Scampi exports have shown a positive trend of 6.42%, 23.22% and 18.96% in quantity, value rupee and US dollar terms, respectively, in 2023-24. The Vannamei shrimp exports have grown in 2023-24 by 0.33% by volume; however, they declined by 11.56% from $4809.99 million to $ 4253.86 million.

Other Major Export Items

Frozen Fish, the second largest exported item, fetched Rs 5,509.69 crore ($671.17 million), accounting for 21.42% in quantity and 9.09% in US dollar earnings. This year, the export of frozen fish increased by 3.54% and 0.12% in quantity and value terms, respectively; however, it declined by 2.31% in US dollar terms.

Fish and shrimp- meal & feed non-edible dried items, the 3rd most prominent item in the export basket, earned Rs 3684.79 crore ($449.17 million), accounting for 15.89 per cent share in quantity and 6.08 per cent in dollar earnings, showing an increase of 15.99%, 34.07% and 31.52% by quantity, value  and US$ terms. Exports in this group were exported to the tune of 2,83,019 MT. Unit value growth observed in this group was 13.38%.

Frozen squid, the 4th largest export item, fetched Rs 3061.46crore ($373.40million), accounting for a 5.25 per cent share in quantity and 5.06 per cent in dollar earnings. The export of frozen squid increased by 11.52% in quantity terms.

The export of Surimi and Surimi Analogs, at the 5th most significant position, pegged at 1,35,327 MT, grew 4.12% in quantity terms and earned Rs 2,414.43 crores ($294.43 million).

The export of frozen Cuttlefish, at the 6th most prominent position, pegged at 54,316 MT worth Rs 2252.63 crores ($274.62 million), accounting for 3.05 per cent share in quantity and 3.72 per cent in $ earnings.

The export of chilled items at the 7th most prominent position, which is considered a promising sector, also increased by 47.06 % in quantity terms and 8.66%in US$ terms. Frozen Octopus, the 8th largest export item, fetched $62.17 million, followed by fish oil ($58.51 million), live items ($48.61 million), dried edible items (US$37.60 million), frozen lobster ($33.67 million), and fish maws ($16.76 million).

Major Export Destinations

As for overseas markets, the USA continued to be the major importer of Indian seafood in value terms, with an import worth US$2,549.15million, accounting for a share of 34.53% in terms of $ value. Exports to the US increased by 7.46% and 1.42% in quantity and value terms; however, they declined by 3.15% in dollar terms. Frozen shrimp continued to be the principal item exported to the US, with a share of 91.90% in US terms. Exports of black tiger shrimp to the US increased by 35.37% in quantity terms and 32.35% in value in US terms.

China (excluding Hong Kong and Taiwan) emerged as the2 nd largest seafood export destination country for India in terms of US dollar with an import volume of 4,51,363 MT worthUS$1,384.89million, accounting for 25.33% share in quantity and 18.76% in US$ terms.

Exports to China grew by 12.80% in quantity; however, they declined by 0.88% in value and 4.21% inUS$ value. Frozen shrimp, the major item of exports to China, had a share of 32% in quantity and 55.11% in US$ value, while frozen fish had a second most share of 36.83% in quantity and 21.56% in terms of US$value out of the total exports to China.

Japan is the third largest importer, with a share of 6.06% in quantity and 5.42% in US$ value terms.

The top 10 markets contribute 79.89% by US$ terms.

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