India achieved all-time-high exports of seafood both in terms of volume and value (both dollar and rupee) during the financial year 2022-23, according to the official data. The country shipped 17,35,286 MT of seafood worth Rs 63,969.14 crore (US$ 8.09 billion) during the year, despite several challenges in its major export markets like the US.
“During the FY 2022-23, the export improved in quantity terms by 26.73 per cent, in rupee terms by 11.08 per cent, in US$ terms by 4.31 per cent. In 2021-22, India had exported 13,69,264 MT of seafood worth Rs 57,586.48 crore ($7,759.58 million),” the Ministry of Commerce & Industry said in a statement.
Frozen shrimp remained the major export item in terms of both quantity and value, while the US and China turned out to be the major importers of India’s seafood. Frozen shrimp, which earned Rs 43,135.58 crore ($5481.63 million), retained its position as the most significant item in the basket of seafood exports, accounting for a share of 40.98 per cent in quantity and 67.72 per cent of the total US$ earnings. Shrimp exports during the period increased by 1.01 per cent in rupee value.
The overall export of frozen shrimps during 2022-23 was pegged at 7,11,099 MT. USA, the largest market, 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%, 68.64% and 55.41% in quantity, Rupee value and US$ terms respectively in 2022-23. BT shrimp exported to the tune of 31,213 MT worth Rs 2,564.71 Cr (US$ 321.23 million). Japan turned out to be the major market for Black Tiger shrimp with a share of 25.38% in terms of US$ value, followed by the European Union (25.12%) and USA (14.90%). The Vannamei shrimp exports declined in 2022-23 compared to 2021-22 by 8.11% from US$ 5234.36 million to US$ 4809.99 million.
Frozen Fish, the second largest exported item, fetched Rs. 5,503.18 Cr. (US$ 687.05 million) accounting for 21.24% in quantity and 8.49% in US$ earnings. This year the export of Frozen fish has increased by 62.65%, 58.51% and 45.73% in Quantity, Rupee and US$ value terms respectively.
Under Other items, the third largest export basket worth US$ 658.84 million, Surimi fetched Rs. 2,013.66 crore (US$ 253.89 million), frozen Octopus fetched Rs. 725.71 crore (US$ 91.74 million), Surimi Analogue products fetched Rs. 558.51 crore (US$ 70.35 million), canned products fetched Rs. 326.48 crore (US$ 41.56 million), frozen lobster fetched Rs. 215.15 crore (US$ 27 million), along with other products.
As for overseas markets, USA continued to be the major importer of Indian seafood in value terms with an import worth US$ 2,632.08 million, accounting for a share of 32.52 per cent in terms of US$ value. Exports to the US declined by 21.94% in US$ terms due to sluggish demand.
China emerged as the second largest seafood export destination from India in terms of Quantity and US$ both with an import of 4,05,547 MT worth US$ 1,508.43 million. The European Union continued to be the third largest destination with an import of 2,07,976 MT worth US$ 1,263.71 million.
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