February 7, 2013

India's seafood exports in 2013 will be lesser than 2012 as exporters deal with rising operational cost.

The country exported 8,62,021 tonnes of seafood in 2011-12 . The Marine Products Export Development Authority had set a target of US$4.5 billion for the current year given the increase in vannamei shrimp production.

Global prices are down and buying by most countries is sluggish. Though there is an increase in the production of farmed shrimp, there has been a sharp fall in sea catches. As a result, seafood exports of squid, cuttlefish and low value fishes like mackerel and sardines have come down.

The freight increase of US$1,500 per freezer container has also hit exports. Fuelled by a shortage, Southeast Asia was the largest buyer of Indian seafood last year.

Recession in Europe hasn't eased and the latest setback was the move by the US to impose a countervailing duty on Indian shrimp shipments.