KOCHI: In a bid to overcome the penalty tariff imposed by the US administration, the Indian seafood industry is planning to explore alternative markets and diversifying the products, said Marine Products Export Development Authority (MPEDA) chairman D V Swamy at a press meet in Kochi on Saturday.
Noting that the country’s marine sector had overcome the US sanctions in the post-Pokhran scenario, Swamy said, “We have to change our export strategy from single species, single destination, single market dependence to diverse products and diverse destinations.”
India has identified alternative markets in Russia, United Kingdom, Australia, Norway, Switzerland, China, West Asia and South Korea.
“The situation is changing and evolving and we cannot comment on its impact now. Ecuador, which has only 10% tariff, will not be able to replace Indian products in American market as we have a strong presence there. Ecuador has to meet the market demands in Europe and China. The exporters have raised concerns as buyers in the US and China have asked to hold consignments. We will take up the demand for increase in working capital, and moratorium on loans with the finance ministry,” he said.
The US and China are currently the major importers of India’s seafood, with America being the largest market of frozen shrimps (3,11,948 tonnes), while China imports 1,36,164 tonnes of Indian seafood.
In 2024-25, India shipped 16,98,170 tonnes of seafood worth `62,408.45 crore (US $7.45 billion), with frozen shrimp sustaining its prominence as the top exported item in terms of quantity and value.
Frozen shrimp (44%), frozen fish (20%), frozen squid, frozen cuttlefish, chilled items and live fish are the major seafood commodities exported by the country. Andhra Pradesh tops the chart with an export value of US $2,536.77 million, followed by Tamil Nadu (US $840.11 million) and Kerala (US $829.42 million).
MPEDA director Ram Mohan M K and joint director (training) S Kandan were present at the press meet.
