India’s seafood exports hit record 1.78 million tonnes, realisation down at $7.38 bn

India exported 1.78 million tonnes of marine products valued at Rs60,524 crore ($7.38 billion) during the 2023-24 financial year, setting a record for the volume of seafood exports.

Export realisation, however, was lower compared to Rs63,969 crore ($8.094  billion) on export of 1.74 million tonnes in the previous year (2022-23).

Frozen shrimp continued to be the major export item – both in quantity and value, while the US and China were the major export destinations for India’s seafood. Export of frozen shrimp from the country increased by 2.67 per cent in quantity terms.

The increase in export volume was achieved despite challenges in major export markets like the US, EU and the UK, D V Swamy, chairman, Marine Products Export Development Authority (MPEDA), said.

Frozen shrimp exports valued at Rs40,013.54 crore ($4.88 billion)  retained its position as the top item in the seafood export basket, accounting for 40.19 per cent of volume and 66.12 per cent of total dollar earnings. While shrimp exports increased by 0.69 per cent in volume terms, price realisation declined.

USA remained the main destination for Indian shrimp with shipments of  2,97,571 tonnes frozen shrimp, followed by China (1,48,483 tonnes),  European Union (89,697 tonnes), Southeast Asia (52,254 tonnes), Japan (35,906 tonnes), and the Middle East (28,571 tonnes).

Export of black tiger shrimp increased by 24.91 per cent to 38,987 tonnes, up 11.33 per cent to Rs2,855.27 crore and up 8.28 per cent to $347.84 million in dollar terms.

Scampi exports increased by 6.42 per cent, 23.22 per cent and 18.96 per cent in quantity, rupee value and dollar terms, respectively, in 2023-24.  Vannamei shrimp exports grew 0.33 per cent in volume in 2023-24 but export value realization declined by 11.56 per cent to $4.25 billion from $4.81 billion compared to the previous year.