India's seafood exports achieved a record high in volume for the financial year 2023-24, overcoming challenges in major export markets like the USA, EU, and the UK.
The country exported 1,781,602 metric tons (MT) of seafood worth ₹ 60,523.89 crore (US$ 7.38 billion), a 2.67% increase in quantity from the previous year, although the value showed a slight decline from ₹ 63,969.14 crore (US$ 8.09 billion) in 2022-23.
Here are some key takeaways from official data released by the Ministry of Commerce and Industry on Wednesday (June 19, 2024):
Frozen shrimp continued to be the top export item, both in quantity and value. During FY 2023-24, India exported 716,004 MT of frozen shrimp, earning ₹40,013.54 crore (US$4.88 billion), which accounted for 40.19% of the total export quantity and 66.12% of the total earnings in US dollars. The United States and China remained the largest markets for Indian seafood, with the USA importing 297,571 MT of frozen shrimp, followed by China with 148,483 MT.
The export of black tiger (BT) shrimp saw significant growth, increasing by 24.91% in quantity, 11.33% in value (₹), and 8.28% in US$ terms. A total of 38,987 MT of black tiger shrimp worth ₹2,855.27 crore (US$347.84 million) was exported, with China, including Hong Kong, being the major destination, followed by the USA, the European Union, and Japan.
Scampi exports also showed a positive trend with increases of 6.42% in quantity, 23.22% in value (₹), and 18.96% in US$ terms. Conversely, Vannamei shrimp exports grew by 0.33% by volume but declined by 11.56% in US dollar terms.
Frozen fish, the second-largest export item, fetched ₹5,509.69 crore (US$671.17 million), accounting for 21.42% of the total export quantity. The export of frozen fish increased by 3.54% in quantity and 0.12% in value (₹), although it saw a 2.31% decline in US$ terms.
Fish and shrimp meal and feed, which are non-edible dried items, constituted the third most prominent item in the export basket, earning ₹3,684.79 crore (US$449.17 million). This category saw an increase of 15.99% in quantity, 34.07% in value (₹), and 31.52% in US$ terms.
Frozen squid and cuttlefish were other significant export items. Frozen squid fetched ₹3,061.46 crore (US$373.40 million), increasing by 11.52% in quantity, while frozen cuttlefish earned ₹2,252.63 crore (US$274.62 million).
