India’s Seafood Exports Hit All-Time Excessive In FY 2022-23; Quantity Grows 26.73%

India achieved all-time-high exports of seafood each when it comes to quantity and worth (each greenback and rupee) through the monetary yr 2022-23, in accordance with the official information. The nation shipped 17,35,286 MT of seafood price Rs 63,969.14 crore (US$ 8.09 billion) through the yr, regardless of a number of challenges in its main export markets just like the US.

“Through the FY 2022-23, the export improved in amount phrases by 26.73 per cent, in rupee phrases by 11.08 per cent, in US$ phrases by 4.31 per cent. In 2021-22, India had exported 13,69,264 MT of seafood price Rs 57,586.48 crore ($7,759.58 million),” the Ministry of Commerce & Business mentioned in an announcement.

Frozen shrimp remained the key export merchandise when it comes to each amount and worth, whereas the US and China turned out to be the key importers of India’s seafood. Frozen shrimp, which earned Rs 43,135.58 crore ($5481.63 million), retained its place as essentially the most important merchandise within the basket of seafood exports, accounting for a share of 40.98 per cent in amount and 67.72 per cent of the full US$ earnings. Shrimp exports through the interval elevated by 1.01 per cent in rupee worth.

The general export of frozen shrimps throughout 2022-23 was pegged at 7,11,099 MT. USA, the biggest market, imported (2,75,662 MT) of frozen shrimp, adopted by China (1,45,743 MT), European Union (95,377 MT), South East Asia (65,466 MT), Japan (40,975 MT), and the Center East (31,647 MT).

The export of black tiger (BT) shrimp elevated by 74.06%, 68.64% and 55.41% in amount, Rupee worth and US$ phrases respectively in 2022-23. BT shrimp exported to the tune of 31,213 MT price Rs 2,564.71 Cr (US$ 321.23 million). Japan turned out to be the key marketplace for Black Tiger shrimp with a share of 25.38% when it comes to US$ worth, adopted by the European Union (25.12%) and USA (14.90%). The Vannamei shrimp exports declined in 2022-23 in comparison with 2021-22 by 8.11% from US$ 5234.36 million to US$ 4809.99 million.

Frozen Fish, the second largest exported merchandise, fetched Rs. 5,503.18 Cr. (US$ 687.05 million) accounting for 21.24% in amount and eight.49% in US$ earnings. This yr the export of Frozen fish has elevated by 62.65%, 58.51% and 45.73% in Amount, Rupee and US$ worth phrases respectively.

Underneath Different objects, the third largest export basket price 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 merchandise fetched Rs. 558.51 crore (US$ 70.35 million), canned merchandise fetched Rs. 326.48 crore (US$ 41.56 million), frozen lobster fetched Rs. 215.15 crore (US$ 27 million), together with different merchandise.

As for abroad markets, USA continued to be the key importer of Indian seafood in worth phrases with an import price US$ 2,632.08 million, accounting for a share of 32.52 per cent when it comes to US$ worth. Exports to the US declined by 21.94% in US$ phrases as a result of sluggish demand.

China emerged because the second largest seafood export vacation spot from India when it comes to Amount and US$ each with an import of 4,05,547 MT price US$ 1,508.43 million. The European Union continued to be the third largest vacation spot with an import of two,07,976 MT price US$ 1,263.71 million.