Frozen Shrimp Tops India’s Seafood Exports Despite Global Market Challenges
Frozen shrimp, which accounted for exports worth $4.88 billion, continued to be the top product in seafood exports.
India's seafood exports saw a 3% increase in volume but an 8% decrease in value in the previous fiscal. Export volumes rose to 17,81,602 metric tonnes, valued at $7.38 billion in 2023-24, compared to 17,35,286 metric tonnes ($8 billion) in 2022-23, according to the commerce ministry data.
"India recorded an all-time high export in terms of volume by shipping 17,81,602 MT of seafood...despite the several challenges in its major export markets like the USA, European Union and the UK," DV Swamy, chairman of the Marine Products Export Development Authority, said.
Frozen shrimp, which accounted for exports worth $4.88 billion, continued to be the top product in seafood exports, making up 40.19% of the overall quantity and 66.12% of the total value.
In the previous fiscal, the US emerged as the leading consumer of frozen shrimp with a total of 2,97,571 metric tonnes. Following closely behind were China with 1,48,483 metric tonnes, the European Union with 89,697 metric tonnes, Southeast Asia with 52,254 metric tonnes, Japan with 35,906 metric tonnes, and the Middle East with 28,571 metric tonnes.
The ministry said that black tiger shrimp exports too recorded healthy growth.
"Frozen fish, the second-largest exported item, fetched $6.71 billion, accounting for 21.42% in quantity and 9.09% in USD earnings," it said, adding that in dollar terms, these shipments dipped by 2.31% in 2023-24.
The other key export products include frozen squid, Surimi, frozen cuttlefish, and frozen octopus.
It added that the US continued to be the major importer of Indian seafood in value terms, with an import of $2.55 billion in 2023-24. It is followed by China, Japan, Vietnam, Thailand, Canada, Spain, and Belgium.
(With inputs from PTI)
