India’s Seafood Exports Hit Record High in 2023-24, USA and China Top Importers

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India’s Seafood Exports Hit Record High in 2023-24, USA and China Top Importers

Team FS

19/Jun/2024

Key Points:

India exported a record 17,81,602 MT of seafood worth Rs 60,523.89 crore ($7.38 billion) in FY 2023-24.
Frozen shrimp dominated the exports, with the USA and China being the largest importers.
Despite challenges, seafood export volume increased by 2.67% from the previous year.

India's seafood exports soared to a historic high during the financial year 2023-24, driven by robust demand from the USA and China. According to a recent statement from the Commerce Ministry, India shipped 17,81,602 metric tonnes (MT) of seafood valued at Rs 60,523.89 crore ($7.38 billion) in 2023-24. This marked a significant milestone, surpassing the previous year's exports of 17,35,286 MT worth Rs 63,969.14 crore ($8,094.31 million).

Leading Export Items and Markets

Frozen shrimp remained the star performer in India’s seafood export basket, both in terms of quantity and value. The USA and China emerged as the major importers, underscoring their significant roles in bolstering India's seafood trade. Frozen shrimp alone generated Rs 40,013.54 crore ($4.9 billion), representing 40.19% of the total export quantity and 66.12% of the total dollar earnings. The export of frozen shrimp during 2023-24 was pegged at 7,16,004 MT, reflecting a 0.69% increase in quantity terms from the previous year.

The USA imported 2,97,571 MT of frozen shrimp, making it the largest market for Indian seafood. China followed with 1,48,483 MT, and other significant markets included the European Union (89,697 MT), Southeast Asia (52,254 MT), Japan (35,906 MT), and the Middle East (28,571 MT).

Also Read : Dollar Index Stabilizes as US Holiday Damps Trading Volume

Black Tiger Shrimp and Frozen Fish

The export of black tiger (BT) shrimp saw a remarkable increase, growing by 24.91% in quantity, 11.33% in value (Rupees), and 8.28% in US dollar terms. BT shrimp exports reached 38,987 MT, valued at Rs 2855.27 crore ($347.84 million).

Frozen fish was the second-largest exported seafood item, earning Rs 5,509.69 crore ($671.17 million). This segment accounted for 21.42% of the total export quantity and 9.09% of the total dollar earnings. The export of frozen fish grew by 3.54% in quantity and 0.12% in value (Rupees), although it declined by 2.31% in US dollar terms.

Market Dynamics and Economic Impact

Despite the myriad challenges in major export markets like the USA, EU, and the UK, India’s seafood sector demonstrated resilience and growth. According to D V Swamy, chairman of the Marine Products Export Development Authority (MPEDA), "India recorded an all-time high export in terms of volume despite the several challenges in its major export markets."

The USA continued to be the major importer of Indian seafood in terms of value, with imports worth $2,549.15 million, accounting for 34.53% of the total US dollar value. China (excluding Hong Kong and Taiwan) emerged as the second largest destination, importing 4,51,363 MT valued at $1,384.89 million. This represented a 25.33% share in quantity and 18.76% in US dollar terms.

Japan ranked third among importers, with a 6.06% share in quantity and 5.42% in US dollar value terms. Frozen shrimp remained the predominant export item to Japan, accounting for 33.26% of the quantity, 65.94% of the Rupee value, and 65.98% of the US dollar value.

Conclusion

India’s seafood export sector has achieved an unprecedented milestone in 2023-24, with record export volumes and significant contributions from major markets like the USA and China. The robust performance of frozen shrimp exports, in particular, underscores the strength and potential of India's seafood industry. As the sector navigates through global economic challenges and fluctuating market demands, maintaining the momentum in exports will be crucial for sustained growth and development.

The figures from the Commerce Ministry and insights from MPEDA highlight the resilience and strategic importance of India's seafood exports. Moving forward, efforts to enhance production, quality, and market access will be vital in capitalizing on the growth opportunities in the global seafood market.

Also Read : Dollar Index Stabilizes as US Holiday Damps Trading Volume
Also Read : Jal Jeevan Mission: Transforming Rural India with Tap Water Connections

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India’s Seafood Exports Hit Record High in 2023-24, USA and China Top Importers

Leading Export Items and Markets

Black Tiger Shrimp and Frozen Fish

Market Dynamics and Economic Impact

Conclusion

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