Fish and crabs are seen for sale at a wholesale market at a fish harbour in Mumbai, March 16, 2015. India's wholesale prices declined at a much faster-than-expected pace of 2.06 percent on year in February, their fourth straight monthly fall, on the back of plunging global oil prices, government data showed on Monday. REUTERS/Danish Siddiqui (INDIA - Tags: SOCIETY BUSINESS) - RTR4THQT
Setting a new high in exports, India's shipment of 13,77,244 MT of seafood earned USD 7.08 billion during the financial year 2017-18 as compared to figures of 11,34,948 MT and USD 5.77 billion respectively in the previous fiscal, registering a growth of 21.35 percent.
Frozen shrimp and frozen fish continued to be the flagship export items, the Marine Products Exports Development Authority (MPEDA) said in a release.
In rupee terms, the exports of marine products were pegged at Rs 45,106.89 crore as against Rs 37,870.90 crore in FY 2016-17, notching a healthy growth of 19.11 percent, it said.
USA and South East Asia retained their positions as the major import markets of India's seafood products, with a share of 32.76 percent and 31.59 per cent in dollar terms, respectively.
They are followed by EU (15.77 percent), Japan (6.29 percent), Middle East (4.10 percent) and China (3.21 percent).
"In the face of continued uncertainties in the global seafood trade, India has been able to cling on to its position as a leading supplier of frozen shrimp and frozen fish in international markets," MPEDA Chairman A Jayathilak said.
"With a string of initiatives and policy support, we intend to achieve an export target of USD 10 billion by 2022," he added.
Despite the daunting challenges of oversupply as reflected in double-digit shrimp exports by Ecuador and Argentina in 2017, increased supply from Vietnam and Thailand, drop in global shrimp prices, andissues related to antibiotic residues, India's seafood industry has been maintaining its growth streak, he said.
Frozen shrimp maintained its position as the key contributor to seafood export basket, accounting for 41.10 percent in quantity and 68.46 percent of the total dollar earnings.
Shrimp exports during the year rose by 30.26 percent in quantity and 30.10 percent in dollar terms.
The overall export of shrimp during 2017-18 was 5,65,980 MT worth USD 4,848.19 million, with USA continuing to be the largest market (2,25,946 MT) for frozen shrimp, followed by South East Asia (1,59,145 MT), EU (78,426 MT), Japan (33,828 MT), Middle East (23,441 MT) and China (13,107 MT).
USA accounted for around 53 percent of total Vannamei shrimp exports in USD value, registering an increase of 31. 93 per cent in quantity and 33.03 percent in dollar terms.
Following the US is South East Asia with a share of (21.03 percent), EU (11.31 percent), Japan (4.67 percent), Middle East (3 percent) and China (1.35 percent).
Export of chilled items showed a decline of 38.71 percent, 15.90 percent and 12.27 percent in quantity, rupee value and USD earnings, respectively.
Dried items notched a growth of 45.73 percent and 19. 57 percent in quantity and rupee value, respectively but declined by 18.14 percent in dollar value.
The export of live items rose 4.93 percent in quantity but declined by 29.14 percent and 25.63 percent in rupee value and dollar earnings, respectively.
USA, the leading destination for Indian seafood in value terms, imported seafood worth USD 2,320.05 million, registering a growth of 31.37 percent, 28.63 percent and 33. 97 percent in quantity, rupee and dollar terms, respectively.
Overall exports to South East Asia increased by 27.20 percent in quantity and 29.45 percent in dollar earnings.
Vietnam alone imported 4, 13,518 MT of Indian seafood, accounting for more than any individual markets like US, EU, Japan or China.
Vizag, Kochi, Kolkata, Pipavav, Krishnapatanam and JNP were the major ports for the marine products cargo.
Overall, Indian ports carried seafood cargo to the tune of 13,77,244 tonnes worth Rs 45,106.89 crore (7,081.55 million dollars).