August 11, 2016
Indian seafood exports to rise 20%-forecast
Indian seafood exports are expected to rise 20% in fiscal year 2016-17, a turnaround from an earlier gloomier forecast.
The more bullish prediction stems from a renewed global demand and an addition of more areas for aquaculture, reported the local paper Business Standard.
"Renewed global demand for disease-free, healthy shrimps from India, over southeast Asia, has made Indian shrimp exporters revise their projection for a year-on-year export revenue growth of 15-20 percent in FY '17", Rahul Kulkarni, director of seafood exporter WestCoast Group, was quoted as saying.
"Even a few months ago, the industry was not so bullish about the new year and was expecting the downturn of last year to continue, primarily owing to lower production", he added.
Kulkarni said exports dropped 10% in the last financial year, pulled down by both production-related issues and lower prices.
A slowdown in global economies and more supplies from competitors like Thailand and Vietnam dragged down Indian seafood exports. In terms of value, Indian seafood exports was about 15% lower in 2015-16 than the US$5,511.12-million exports recorded in 2014-15.
Earlier it was reported that India's seafood sector was suffering from increased refusals of its shrimp exports by the US due to antibiotic residues, as well as from anti-dumping levies. In the first five months of this year, the US Food and Drug Administration refused 39 shrimp entry lines from India, which is more than the 34 entry-line refusals for the whole of 2015.
Last year the shrimp sector was affected by inadequate rainfall, which caused the spread of the non-viral disease microsporidian EHP. The disease stunts the growth of vannamei shrimps. -Rick Alberto