January 9, 2012

India's seafood exports up on rupee fall

India's seafood exports increased despite rupee depreciation, rising unit value.

According to reports, the total value realisations went up almost 25%, the volume of exports grew tersely at 2-3% even as the unit value in dollar terms moved up smartly, accompanied by the rise in the demand from overseas markets such as South-East Asia and China. Also, farmed shrimp production witnessed substantial growth as more areas were brought under the highly productive vannamei cultivation.

While shrimp exports continue to dominate India's export basket, the current surge in shrimp exports was made possible through increased production of the vannamei variety, D B Ravi Reddy, President of SEAI said.

On-year, there has been a 17-18% depreciation in the value of the rupee enabling the seafood exporters to reap rich rewards, reports added.