New Delhi: India's seafood exports reached a historic peak in volume during the fiscal year 2023-24, despite encountering challenges in major export markets. India shipped 1,781,602 metric tons of seafood valued at ₹60,523.89 crore (US$7.38 billion) during this period, according to data from the Commerce Ministry.
Frozen shrimp remained the leading export item both in terms of quantity and value, with the USA and China emerging as major importers of Indian seafood. In FY 2023-24, exports saw a 2.67 per cent increase in quantity compared to the previous year. In FY 2022-23, India exported 1,735,286 metric tons of seafood valued at ₹63,969.14 crore (US$8,094.31 million).
D V Swamy, Chairman of the Marine Products Export Development Authority (MPEDA), highlighted that India achieved a record-high in seafood exports by shipping 1,781,602 metric tons valued at US$ 7.38 billion, despite facing challenges in major export markets such as the USA, Europen Union, and the United Kingdom.
Frozen shrimp remained the leading item in India's seafood export portfolio, generating Rs 40,013.54 crore (US$ 4,881.27 million), comprising 40.19 per cent of the total volume and contributing 66.12 per cent to the total dollar earnings. Shrimp exports showed a modest 0.69 per cent increase in quantity during the period.
In the fiscal year 2023-24, India exported 716,004 metric tons of frozen shrimp. The USA emerged as the largest importer, receiving 297,571 metric tons, followed by China (148,483 MT), the European Union (89,697 MT), Southeast Asia (52,254 MT), Japan (35,906 MT), and the Middle East (28,571 MT).
Other significant export items include frozen fish, the second largest by value, which earned Rs 5,509.69 crore (US$671.17 million). It constituted 21.42 per cent of the total quantity and 9.09 per cent of the total earnings in US dollars. Although there was a 3.54 per cent increase in quantity and a marginal 0.12 per cent rise in value in rupee terms, there was a 2.31 per cent decline in US dollar earnings.
Chilled items, ranked seventh, showed promising growth with a 47.06 per cent increase in quantity and an 8.66 per cent rise in US dollar earnings.
Key Export Destinations
In terms of international markets, the USA remained the primary importer of Indian seafood by value, with imports totalling US$2,549.15 million while China (excluding Hong Kong and Taiwan) emerged as the second-largest destination for Indian seafood exports in terms of US dollars, importing 451,363 metric tons valued at US$1,384.89 million, representing a 25.33 per cent share by quantity and 18.76 per cent in US dollar terms.
Japan ranked third, Vietnam fourth, Thailand fifth, Canada sixth, Spain seventh and Belgium ranked eighth among Indian seafood export destinations with a 2.42 per cent share by US dollars, followed by the United Arab Emirates (UAE) with a 2.15 per cent share and Italy with a 2.14 per cent share. Combined, these top 10 markets accounted for 79.89 per cent of Indian seafood exports in US dollar terms.
