India’s seafood exports reach record high in FY 2023-24

Image for representational purposes.

Frozen shrimp continued to be the top export item, both in quantity and value

India's seafood exports achieved a record high in volume for the financial year 2023-24, overcoming challenges in major export markets like the USA, EU, and the UK. The country exported 1,781,602 metric tons (MT) of seafood worth ₹ 60,523.89 crore (US$ 7.38 billion), a 2.67% increase in quantity from the previous year, although the value showed a slight decline from ₹ 63,969.14 crore (US$ 8.09 billion) in 2022-23.

Here are some key takeaways from official data released by the Ministry of Commerce and Industry on Wednesday (June 19, 2024):

Leading Export Items and Markets

Frozen shrimp continued to be the top export item, both in quantity and value. During FY 2023-24, India exported 716,004 MT of frozen shrimp, earning ₹40,013.54 crore (US$4.88 billion), which accounted for 40.19% of the total export quantity and 66.12% of the total earnings in US dollars. The United States and China remained the largest markets for Indian seafood, with the USA importing 297,571 MT of frozen shrimp, followed by China with 148,483 MT.

The export of black tiger (BT) shrimp saw significant growth, increasing by 24.91% in quantity, 11.33% in value (₹), and 8.28% in US$ terms. A total of 38,987 MT of black tiger shrimp worth ₹2,855.27 crore (US$347.84 million) was exported, with China, including Hong Kong, being the major destination, followed by the USA, the European Union, and Japan.

Scampi exports also showed a positive trend with increases of 6.42% in quantity, 23.22% in value (₹), and 18.96% in US$ terms. Conversely, Vannamei shrimp exports grew by 0.33% by volume but declined by 11.56% in US dollar terms.

Other Major Export Items

Frozen fish, the second-largest export item, fetched ₹5,509.69 crore (US$671.17 million), accounting for 21.42% of the total export quantity. The export of frozen fish increased by 3.54% in quantity and 0.12% in value (₹), although it saw a 2.31% decline in US$ terms.

Fish and shrimp meal and feed, which are non-edible dried items, constituted the third most prominent item in the export basket, earning ₹3,684.79 crore (US$449.17 million). This category saw an increase of 15.99% in quantity, 34.07% in value (₹), and 31.52% in US$ terms.

Frozen squid and cuttlefish were other significant export items. Frozen squid fetched ₹3,061.46 crore (US$373.40 million), increasing by 11.52% in quantity, while frozen cuttlefish earned ₹2,252.63 crore (US$274.62 million).

Emerging Export Sectors

The export of chilled items, considered a promising sector, increased by 47.06% in quantity and 8.66% in US$ terms. Frozen octopus, fish oil, live items, dried edible items, frozen lobster, and fish maws also contributed to the diverse seafood export portfolio.

The USA remained the largest importer of Indian seafood, accounting for 34.53% of the total US$ value, with imports worth US$2.55 billion. Frozen shrimp was the principal item exported to the USA, with black tiger shrimp exports increasing by 35.37% in quantity.

China emerged as the second-largest destination, importing 451,363 MT worth US$1.38 billion. Exports to China grew by 12.80% in quantity, though there was a slight decline in value terms. Frozen shrimp and fish were the major items exported to China.

Japan ranked as the third-largest importer, primarily importing frozen shrimp. Vietnam and Thailand followed, with Vietnam importing 132,086 MT worth US$391.41 million and Thailand 138,457 MT worth US$281.97 million. Both countries mainly imported frozen shrimp and fish.

The Marine Products Export Development Authority (MPEDA) has launched several initiatives to double the share of value-added seafood exports by 2030, aiming for 20% of total exports to consist of value-added products. Training programs are being organized to enhance the quality and processing standards of seafood exports, further boosting India's competitiveness in the global market.

Odisha, a significant contributor to India's seafood exports, has launched a new scheme to promote the processing and value addition of fish, aiming to increase export competency. The state exported seafood worth ₹4,560 crore last financial year, with a total production of around 10 lakh metric tons.

India's seafood export sector has demonstrated resilience and growth, achieving a record high in export volumes for FY 2023-24. With ongoing initiatives to enhance value addition and processing capabilities, India is poised to further strengthen its position in the global seafood market.