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

India has achieved an all-time high exports of seafood both in terms of volume and value by shipping 17,35,286 MT of seafood worth Rs 63,969.14 crore during the financial year 2022-23, despite the several challenges in its major export markets like the US.

During the fiscal, the export improved in quantity terms by 26.73% and in rupee terms by 11.08%. In 2021-22, India had exported 13,69,264 MT of seafood worth Rs 57,586.48 crore, according to a Union Ministry of Commerce & Industry release.

Frozen shrimp remained the major export item in terms of both quantity and value while US and China turned out to be the major importers of India's seafood. Frozen shrimp, which earned Rs 43,135.58 crore, retained its position as the most significant item in the basket of seafood exports, accounting for a share of 40.98% in quantity and 67.72% of the total earnings. Shrimp exports during the period increased by 1.01% in rupee value.

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

The export of 'black tiger' (BT) shrimp increased by 74.06% and 68.64% 55.41% in quantity and rupee value respectively. BT shrimp exported to the tune of 31,213 MT worth Rs 2,564.71 crore. Japan turned out to be the major market for the BT variety with a share of 25.38% in terms of value, followed by European Union (25.12%) and US (14.90%).

Similarly, frozen fish, the second largest exported item, fetched Rs 5,503.18 crore, accounting for 21.24% in quantity terms. This year the export of frozen fish has increased by 62.65% and 58.51% in quantity and rupee value terms, respectively. Export of frozen cuttlefish pegged at 54,919 MT, showed a growth of 14.09 % in rupee value and earned Rs 2,353.34 crore.

Under other items, the third largest export basket, Surimi fetched Rs 2,013.66 crore, frozen octopus fetched Rs 725.71 crore, Surimi Analogue products fetched Rs 558.51 crore, canned products fetched Rs 326.48 crore and frozen lobster fetched Rs 215.15 crore.

Frozen Squid, the fourth largest export item, fetched Rs 3,593.75 crore, accounting for 4.83 per cent share in quantity. Export of dried items pegged at 2,52,918 MT, showed a tremendous growth of 243.27% in quantity terms and earned Rs 3,080.92 crore. Under this basket, dried fish and shrimp meal together contributed $307.96 million and dried fish maws fetched $24.88 million.

Export of chilled items, which is considered as a promising sector, also increased by 12.63 % in Quantity terms. Export of live Items pegged at 7,824 MT, showed a growth of 24.53% in rupee value. Growth is observed in the unit values of frozen squid (7.13%), frozen cuttlefish (13.33%), chilled items (7.19%) and live items (3.90%).

As for overseas markets, US continued to be the major importer of Indian seafood in value terms with an import worth $2,632.08 million, accounting for a share of 32.52 % in terms of US$ value. Exports to the US declined by 21.94% in US$ terms due to sluggish demand. Frozen shrimp continued to be the principal item exported to US with a share of 92.70% in US$ terms. Exports of BT shrimp to US increased by 4.06% in quantity terms and 0.26% in rupee terms.

China emerged as the second largest seafood export destination from India in terms of quantity and value terms with an import of 4,05,547 MT, accounting for 23.37% share in quantity terms. Exports to China market grew by 51.9% in quantity and 32.02% in rupee terms.

Frozen shrimp, the major item of exports to China, had a share of 35.94% in quantity and 60.92% in US$ value while the frozen fish had a second most share of 34.88% in quantity and 18.56% in terms of US$ value out of the total exports to China. Frozen shrimp and frozen fish to China has shown positive growth by quantity and value both.

The European Union continued to be the third largest destination with an import of 2,07,976 MT worth US$ 1,263.71 million. In this market, frozen shrimp is the major item of exports, registering an increase of 15.12% and 7.20% in rupee and dollar value, respectively. Unit value in this market shown a growth of 3.77%

South East Asia is the fourth largest market with an import of 4,31,774 MT worth US$ 1191.25 million. Frozen shrimp is the major item of exports, with 15.16% share by quantity and 35.17% by US$ value with growth of 46.08%. Frozen fish, the second major item of exports, with 36.02% share by quantity and 20.57% by US$ value with growth of 46.84%.

Japan continued to be the fifth largest importer with a share of 6.29% in quantity and 5.99% in US$ value terms with a growth of 9.99 %. Frozen shrimp continued to be the major item of exports to Japan with percentage share of 71.35% and growth of 5.26% in US$ value.

Exports to the Middle East by quantity were 77,677 MT worth US$ 330.68 million. This market showed a growth of 32.95% in quantity, 17.33% in rupee and 9.09% in US$ terms, the release added.