India's Seafood Exports Reach Record High in FY 2023-24 Despite Market Challenges

The export of black tiger (BT) shrimp saw a significant rise of 24.91% in quantity, with exports totaling 38,987 MT valued at ₹2855.27 crore (US$347.84 million).

India has achieved an unprecedented milestone in its seafood exports during the financial year 2023-24, shipping 17,81,602 metric tonnes (MT) valued at ₹60,523.89 crore (US$7.38 billion). This marks a notable increase in volume despite facing challenges in key export markets such as the USA, EU, and the UK.

Mr. D V Swamy IAS, Chairman of the Marine Products Export Development Authority (MPEDA), highlighted that India's seafood exports peaked both in terms of volume and value despite market obstacles. Frozen shrimp continued to lead the export basket, accounting for significant shares in both quantity (40.19%) and dollar earnings (66.12%), with exports amounting to ₹40,013.54 crore (US$4.88 billion). Although there was a marginal increase of 0.69% in shrimp exports by quantity, its dominance in India's seafood trade remained unchallenged.

The United States emerged as the largest importer of Indian seafood, importing 2,97,571 MT of frozen shrimp, followed by China (1,48,483 MT), the European Union (89,697 MT), Southeast Asia (52,254 MT), Japan (35,906 MT), and the Middle East (28,571 MT). This reaffirmed the robust demand for Indian seafood products in global markets.

The export of black tiger (BT) shrimp saw a significant rise of 24.91% in quantity, with exports totaling 38,987 MT valued at ₹2855.27 crore (US$347.84 million). China, including Hong Kong, emerged as the major destination for BT shrimp, followed by the USA, the European Union, and Japan.

Additionally, scampi exports showed positive growth of 6.42% in quantity and notable increases in value both in Indian rupees and US dollars during 2023-24. However, Vannamei shrimp exports experienced a slight decline of 11.56% in US dollar terms, amounting to US$4.25 billion.

Apart from frozen shrimp, frozen fish contributed significantly to India's seafood exports, fetching ₹5,509.69 crore (US$671.17 million). The export of frozen fish increased by 3.54% in quantity and marginally in value in Indian rupees, although there was a slight decline in US dollar terms.

Furthermore, fish and shrimp meal, non-edible dried items, emerged as the third major category in the export basket, earning ₹3684.79 crore (US$449.17 million). This category saw substantial growth of 15.99% in quantity and notable increases in value both in Indian rupees and US dollars.

Other notable seafood exports included frozen squid (₹3061.46 crore or US$373.40 million), Surimi and Surimi Analogs (₹2,414.43 crore or US$294.43 million), frozen cuttlefish (₹2252.63 crore or US$274.62 million), and chilled items, which witnessed a significant increase of 47.06% in quantity and 8.66% in US dollar terms.

In terms of export destinations, the USA maintained its position as the largest importer of Indian seafood, followed by China, Japan, Vietnam, and Thailand. These countries collectively accounted for 79.89% of India's seafood exports in US dollar terms.

The surge in India's seafood exports underscores its growing prominence in global markets, despite facing challenges in major export destinations. The resilience and diversity of India's seafood sector continue to play a pivotal role in bolstering the country's export earnings and economic resilience on the global stage.