August 25, 2020

 

India's seafood export volume drops more than 7% in FY20

 


India exported 1,289,651 tonnes of seafood worth ₹46,662.85 crore (US$6.68 billion) in2019-20, largely cushioning the adverse impact of the COVID-19 pandemic.


Frozen shrimp remained the major export item in terms of quantity and value followed by frozen fish. The United States and China were the major importers of Indian seafood.


ForFY20, exports improved in rupee terms by 0.16%, but the quantity declined by 7.39%. Exports also reduced by 0.74% in terms of U.S. Dollar during the period.


In FY19, India had exported 1,392,559 tonnes of seafood worth ₹46,589.37 crore (US$6,728.50 million).


K S Srinivas, chairman, Marine Products Export Development Authority (MPEDA), said India managed to export 1,289,651 tonnesof seafood in FY2020, despite the sluggish demand in its major export markets caused by the pandemic, which led to cancellation of several orders, reduced and delayed payments, slowdown of cargo movements and difficulty in getting new orders. The decline in sea catch along the west coast due to reduced fishing days has also been a reason for the shortfall in quantity, he added.


“We missed the $7-billion-dollar target, though not by a fair distance. However, exports are now likely to witness an uptick as lockdowns have been eased globally and there is an increased sale of value-added products in retail chains. MPEDA's vision is to take Indian seafood exports to ₹one lakh crore by 2030,” he said.


Frozen shrimp, which earned ₹34,152.03 crore (US$4,889.12 million), retained its position as the most significant item in the basket of seafood exports, accounting for a share of 50.58% in quantity and 73.21% of the total dollar earnings. Shrimp exports during the period increased by 6.04%in dollar value and 6.20% in quantity.

 

Source: www.fis.com