India’s Seafood Exports Touch All-Time High This Fiscal

India

oi-Sanjeev Nayak

India has achieved an all-time excessive exports of seafood each by way of quantity and worth by delivery 17,35,286 MT of seafood price Rs 63,969.14 crore throughout the monetary yr 2022-23, regardless of the a number of challenges in its main export markets just like the US.

In the course of the fiscal, the export improved in amount phrases by 26.73% and in rupee phrases by 11.08%. In 2021-22, India had exported 13,69,264 MT of seafood price Rs 57,586.48 crore, in response to a Union Ministry of Commerce & Trade launch.

Frozen shrimp remained the foremost export merchandise by way of each amount and worth whereas US and China turned out to be the foremost importers of India’s seafood. Frozen shrimp, which earned Rs 43,135.58 crore, retained its place as probably the most important merchandise within the basket of seafood exports, accounting for a share of 40.98% in amount and 67.72% of the whole earnings. Shrimp exports throughout the interval elevated by 1.01% in rupee worth.

The general export of frozen shrimps throughout 2022-23 was pegged at 7,11,099 MT. The US imported (2,75,662 MT) of frozen shrimp, adopted by China (1,45,743 MT), European Union (95,377 MT), South East Asia (65,466 MT), Japan (40,975 MT) and the Center East (31,647 MT).

The export of ‘black tiger’ (BT) shrimp elevated by 74.06% and 68.64% 55.41% in amount and rupee worth respectively. BT shrimp exported to the tune of 31,213 MT price Rs 2,564.71 crore. Japan turned out to be the foremost marketplace for the BT selection with a share of 25.38% by way of worth, adopted by European Union (25.12%) and US (14.90%).

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Equally, frozen fish, the second largest exported merchandise, fetched Rs 5,503.18 crore, accounting for 21.24% in amount phrases. This yr the export of frozen fish has elevated by 62.65% and 58.51% in amount and rupee worth phrases, respectively. Export of frozen cuttlefish pegged at 54,919 MT, confirmed a progress of 14.09 % in rupee worth and earned Rs 2,353.34 crore.

Beneath different gadgets, the third largest export basket, Surimi fetched Rs 2,013.66 crore, frozen octopus fetched Rs 725.71 crore, Surimi Analogue merchandise fetched Rs 558.51 crore, canned merchandise fetched Rs 326.48 crore and frozen lobster fetched Rs 215.15 crore.

Frozen Squid, the fourth largest export merchandise, fetched Rs 3,593.75 crore, accounting for 4.83 per cent share in amount. Export of dried gadgets pegged at 2,52,918 MT, confirmed an incredible progress of 243.27% in amount phrases and earned Rs 3,080.92 crore. Beneath this basket, dried fish and shrimp meal collectively contributed $307.96 million and dried fish maws fetched $24.88 million.

Export of chilled gadgets, which is taken into account as a promising sector, additionally elevated by 12.63 % in Amount phrases. Export of stay Objects pegged at 7,824 MT, confirmed a progress of 24.53% in rupee worth. Development is noticed within the unit values of frozen squid (7.13%), frozen cuttlefish (13.33%), chilled gadgets (7.19%) and stay gadgets (3.90%).

As for abroad markets, US continued to be the foremost importer of Indian seafood in worth phrases with an import price $2,632.08 million, accounting for a share of 32.52 % by way of US$ worth. Exports to the US declined by 21.94% in US$ phrases as a consequence of sluggish demand. Frozen shrimp continued to be the principal merchandise exported to US with a share of 92.70% in US$ phrases. Exports of BT shrimp to US elevated by 4.06% in amount phrases and 0.26% in rupee phrases.

China emerged because the second largest seafood export vacation spot from India by way of amount and worth phrases with an import of 4,05,547 MT, accounting for 23.37% share in amount phrases. Exports to China market grew by 51.9% in amount and 32.02% in rupee phrases.

Frozen shrimp, the foremost merchandise of exports to China, had a share of 35.94% in amount and 60.92% in US$ worth whereas the frozen fish had a second most share of 34.88% in amount and 18.56% by way of US$ worth out of the whole exports to China. Frozen shrimp and frozen fish to China has proven optimistic progress by amount and worth each.

The European Union continued to be the third largest vacation spot with an import of two,07,976 MT price US$ 1,263.71 million. On this market, frozen shrimp is the foremost merchandise of exports, registering a rise of 15.12% and seven.20% in rupee and greenback worth, respectively. Unit worth on this market proven a progress of three.77%

South East Asia is the fourth largest market with an import of 4,31,774 MT price US$ 1191.25 million. Frozen shrimp is the foremost merchandise of exports, with 15.16% share by amount and 35.17% by US$ worth with progress of 46.08%. Frozen fish, the second main merchandise of exports, with 36.02% share by amount and 20.57% by US$ worth with progress of 46.84%.

Japan continued to be the fifth largest importer with a share of 6.29% in amount and 5.99% in US$ worth phrases with a progress of 9.99 %. Frozen shrimp continued to be the foremost merchandise of exports to Japan with proportion share of 71.35% and progress of 5.26% in US$ worth.

Exports to the Center East by amount had been 77,677 MT price US$ 330.68 million. This market confirmed a progress of 32.95% in amount, 17.33% in rupee and 9.09% in US$ phrases, the discharge added.