August 10, 2011

India's seafood exports to hit US$4 billion

Seafood exports from India are targeted to rise to US$4 billion during the current fiscal, up from US$2.8 billion achieved in the 2010-11 fiscal.

Addressing a press conference in Kochi, Leena Nair, Chairperson of the Marine Products Export Development Authority (MPEDA), said that increased production of vannamei shrimp, growth in infrastructure facilities for production of value-added items and re-gaining pace in the Japanese market after the tsunami are expected to help in achieving the target.

This is on the back of buoyant growth in 2010-11 when seafood exports spurted by 19.85% in quantity to 8, 13,091 tonnes, 28.39% growth in value to INR12,901.47 (US$287) and 33.95% growth in dollar earnings.

Shrimp exports increased by 16% in quantity, 37% in value and 43% in dollar earnings during last year.

The US was the biggest export destination for vannamei shrimp.

Shrimp prices have been increasing over the past year and the only hindrance before the export target is any unforeseen global economic shock impacting demand from the developed world.

Although new markets and new products have been opening up the export frontiers for seafood export, the dependence on traditional markets was very much in evidence.

South-East Asia that has emerged as a major market destination have been revealed an export growth rate of over 50% in quantity, over 40% in value realisation and close to 50% growth in dollar earnings.

The growth in new markets such as Egypt, South Africa and the Gulf countries are all expected to augment the growth process, said Anwar Hashim, President of the Seafood Exporters Association of India.