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India’s seafood exports touch all-time high by volume in FY 2023-24
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Tuesday, 25 June, 2024, 08 : 00 AM [IST]
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Our Bureau, New Delhi
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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 Rs 60,523.89 crore ($7.38 billion) during 2023-24.
Frozen shrimp remained the major export item in quantity and value, while USA and China became the major importers of India’s seafood. During FY 2023-24, the export improved in quantity terms by 2.67%. In 2022-23, India exported 17,35,286 MT of seafood worth Rs 63,969.14 crore ($8,094.31million).
D V Swamy, chairman, Marine Products Export Development Authority (MPEDA), said, “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 USA, EU & UK.”
Frozen shrimp, which earned Rs 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% in quantity and 66.12% of the total dollar earnings. Shrimp exports during the period increased by 0.69% in quantity terms.
The export of frozen shrimps during 2023-24 was pegged at 7,16,004 MT. 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).
The export of black tiger (BT) shrimp increased by 24.91%, 11.33% and 8.28% in quantity, in 2023-24. BT shrimps were exported to the tune of 38,987 MT worth Rs 2855.27 crore ($347.84 million). China (including Hong Kong) turned out to be the major export destination for black tiger shrimp with a share of 28.43%, followed by USA (18.21%), European Union (18.06%) and Japan (13.12%). Scampi exports have shown a positive trend of 6.42%, 23.22% and 18.96% in quantity in 2023-24. The Vannamei shrimp exports have grown in 2023-24 by 0.33% by volume; however, they declined by 11.56% from $ 4809.99 million to $ 4253.86 million.
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