June 27, 2013

India sets seafood export target at US$4.3 billion for 2013-14

For the year 2013-14, India's Marine Products Export Development Authority has set an ambitious seafood export target of US$4.3 billion.

Increased production of vannamei shrimp, quality control measures and increase in infrastructure facilities for production of value-added items are expected to help in achieving this target, said Leena Nair, chairperson of the authority.

During the financial year 2012-13, exports of marine products reached an all-time high of INR18,856 crore (US$3.1 billion). Exports, crossed all previous records in quantity, rupee value and dollar terms, aggregated to 928,215 tonnes valued at INR18,856 crore and US$3,512 million.

Compared to the previous year, this recorded a growth of 8% in quantity, 14% in rupee and 0.1% growth in dollar earnings.

Nair said the increase in export must be viewed in the light of the weaker economic conditions in the EU, the still-recovering US economy, moderate growth in China, technical barriers to trade by Japan, continuing anti-dumping duty and the possibility of countervailing duty on frozen shrimp by the US and continuous devaluation of Indian currency.

Frozen shrimp continued to be the major export value item, accounting a share of 51% of the total dollar earnings. Shrimp exports during the period increased by 21%, 19% and 4% in quantity, rupee value and dollar value respectively. There was a steep drop in unit value realisation of frozen shrimp at 14%.

Fish, has retained its position as the principal export item in quantity terms and the second largest export item in value terms, accounted for a share of 37% in quantity and 18% in US$ earnings. Unit value realisation of fish decreased 9%.

Frozen cuttlefish recorded a growth of 16% in quantity. There is, however, a decline of 11% in US dollar terms and 23% in unit value realization. Cuttlefish price realisation fell by 23%. Export of squid showed an increase of 12% in rupee value and 0.36% in unit value. There is a decrease of 3% in terms of quantity.

Southeast Asia continued to be the largest buyer of Indian marine products with a share of 23% in terms of US dollar value realisation. EU is the second largest market with a share of 22%, followed by US (21%), Japan (11%), China (8%) and West Asia.