India shipped out a record 17.82 lakh metric tonnes of seafood during the financial year 2023-24, marking an all-time high in export volumes despite challenges in major markets like the USA and European Union.
The exports stood at a value of Rs 60,524 crore (US$ 7.38 billion), though slightly lower than the previous year’s earnings of Rs 63,969 crore due to pricing factors, according to official data released today.
“India recorded its highest ever export volumes by shipping 17,81,602 MT of seafood, overcoming hurdles in key markets like the US, EU and UK,” said D.V. Swamy, Chairman of the Marine Products Export Development Authority (MPEDA).
Frozen shrimp continued to be the leader, fetching Rs 40,014 crore and comprising 66% of total dollar earnings. The USA remained the largest buyer at 2.98 lakh tonnes, followed by China (1.48 lakh tonnes) and the European Union (89,697 tonnes). Exports of high-value black tiger shrimp witnessed a significant jump of nearly 25% in quantity and 8% in US dollar value terms. China turned out to be the biggest import destination for this variety.
Frozen fish was the second largest export item at Rs 5,510 crore, though volumes grew faster than value realization. Fish and shrimp meal/feed emerged as the third biggest forex earner at $449 million on robust demand. Other major export items included frozen squid, surimi and analogs, frozen cuttlefish and chilled items like live and fresh seafood.
While the USA remained the largest market, China displaced Southeast Asia as the second biggest destination for Indian seafood, importing 4.51 lakh tonnes worth $1.38 billion. Vietnam, Thailand, Canada, Spain, Belgium, UAE and Italy were the other leading buyers. “The Indian seafood sector has demonstrated resilience by achieving record volumes amid a tough global environment. With new markets being explored, we are confident of sustaining the growth momentum,” said a senior MPEDA official.
