April 29, 2008

Indian seafood exports forecast to reach US$3.5 billion in 2009
 

India's seafood exports could hit US$3.5 billion by 2009 if the sector expands on value-added products and aquaculture as well as upgrade on its technologies, according to industry body Assocham.

In 2006-07, India exported 612,641 tonnes of seafood products at a value of US$1.85 billion, and the figure could rise to US$2.2 billion this year.

Indian exported US$1.6 billion worth of seafood in 2005-06.

A growing demand for seafood in the EU, China, Middle East, Russia, Canada, Tunisia and Puerto Rico could further push up exports, said Assocham.

Frozen shrimp was the largest export item, accounting for 54 percent in value, followed by frozen fish with an export value of 17 percent. Cuttlefish, squid and dried items have a combined export value of 19 percent.

"The Marine Products Export Development Authority (MPEDA) needs to be made financially stronger through central allocations so that seafood exporters get adequate fiscal assistance from this institution. Poor financial assistance to the exporters is one of the main reasons for India's poor export performance," Assocham president Venugopal Dhoot said.

In the past four years, MPEDA has reduced its financial assistance to seafood exporters from US$19.6 million to US$18.4 million. Seafood exporters received US$15.2 million in March 2006, which had a serious impact on exports.

India's major seafood markets are the EU, the US, Japan and the Middle East, while its growing markets include Russia, Bangladesh and Canada. However, there is a decline of exports to the US, Mexico, and Australia.