Major export items include frozen shrimp and frozen fish; US & China remain top export destination
India’s seafood exports touched an all-time high in volume during the financial year 2023-24 despite various challenges in significant export markets. India shipped 17,81,602 MT of seafood worth ₹60,523.89 crore ($7.38 billion) during 2023-24.
Frozen shrimp remained the major export item in quantity and value, while the USA and China became the major importers of India’s seafood. During FY 2023-24, the export improved in quantity terms by 2.67 per cent. In 2022-23, India exported 17,35,286 MT of seafood worth ₹63,969.14 crores ($ 8,094.31 million).
“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 & the UK,” D V Swamy, Chairman, Marine Products Export Development Authority (MPEDA), said.
Frozen shrimp, which earned ₹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 per cent in quantity and 66.12 per cent of the total dollar earnings. Shrimp exports during the period increased by 0.69 per cent in quantity terms.
The export of frozen shrimps during 2023-24 was pegged at 7,16,004 MT. The USA, the largest market, imported 2,97,571 MT of frozen shrimp, followed by China (1,48,483MT), the European Union (89,697 MT), Southeast Asia (52,254MT), Japan (35,906MT), and the Middle East (28,571 MT).
Frozen fish, the second largest exported item, fetched ₹5,509.69 crore ($671.17 million), accounting for 21.42 per cent in quantity and 9.09 per cent in $ earnings. This year, the export of frozen fish increased by 3.54 per cent and 0.12 per cent in quantity and value ₹ terms, respectively; however, it declined by 2.31 per cent in $ terms.