September 2, 2011

India ships US$468 million worth seafood to Southeast Asia

Next to the EU, Southeast Asia was the second largest market for Indian seafood product exports in 2010, with almost MYR1.4 billion (US$468.46 million) worth of seafood items shipped to the region.

Indian marine exporters breached a historic mark of US$2.8 billion (MYR8.4 billion) in 2010-2011 (until March) with exports aggregated to 813,091 tonnes.

According to the Marine Products Exports Development Authority (MPEDA), 26.8% of Indian seafood exports entered European markets, followed by Southeast Asia at 16.4%.

"Traditionally, Southeast Asia has been among India's top four export markets, and has now moved up to second spot. Of late, production in countries like Vietnam, Thailand and Indonesia has declined, and India has become a source market for aquaculture products," said a senior MPEDA official.

Seafood such as Vannamei shrimp (white shrimps), black tiger shrimp, cuttlefish, and squids have contributed largely to a higher export turnover.

After China, India is the largest seafood producer in the world but also a major consumer at nearly 80% of produce consumed domestically.

Indian exporters are also taking advantage of the Asean-India Free Trade Agreement, where tariffs are lower now.