India achieved an all-time high in exports of seafood, both in terms of volume and value (both dollar and rupee), by shipping 1,735, 286 tonnes of seafood worth INR 63,969.14 crore during 2022-23 despite several challenges in its major export markets like the US. According to the Commerce Ministry data, during 2022-23, the export improved in quantity terms by 26.73%, in rupee terms by 11.08% and in dollar terms by 4.31%.
In 2021-22, India had exported 1,369,264 tonnes of seafood worth INR 57,586.48 crore. 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 INR43,135.58 crore, retained its position as the most significant item in the basket of seafood exports, accounting for a share of 40.98% in quantity and 67.72% of the total dollar 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 711,099 tonnes. The US, the largest market, imported (275,662 tonnes) of frozen shrimp, followed by China (145,743 tonnes), the European Union (95,377 tonnes), South East Asia (65,466 tonnes), Japan (40,975 tonnes), and the Middle East (31,647 tonnes).
Frozen fish, the second largest exported item, fetched INR 5,503.18 crore, accounting for 21.24% in quantity and 8.49% in dollar earnings. This year, the export of frozen fish has increased by 62.65%, 58.51%, and 45.73% in quantity, rupee and dollar value terms, respectively. As for overseas markets, the US continued to be the major importer of Indian seafood in value terms with an import worth USD 2,632.08 million, accounting for a share of 32.52% in terms of dollar value.
Exports to the US declined by 21.94% in dollar terms due to sluggish demand. Frozen shrimp continued to be the principal item exported to the US with a share of 92.70% in dollar terms. China emerged as the second largest seafood export destination from India in terms of quantity and value both with an import of 405,547 tonnes worth USD1,508.43 million, accounting for 23.37% share in quantity and 18.64% in value. Exports to China market grew by 51.90% in quantity, 32.02% in rupee value and 28.37% in dollar value.
