October 8, 2012

India's seafood export exceeds US$3.5 billion

India's seafood export revenues has exceeded US$3.5 billion till the end of August 2012 as exports drop to about 30%.

Speaking to IANS, a top official of the industry said the primary reason is the recession in the US and Europe, the major export market for Indian seafood.

"The 30% drop from April to August this year is in comparison to the same period in 2011. This is not just the case for Indian seafood exports but the overall scenario," said the official, who did not wish to be identified.

This weak performance has come at a time when in the last fiscal seafood export had crossed all previous records in quantity, rupee value and US dollar terms.

Exports during 2011-2012 aggregated to 862,021 tonnes valued at US$3,508.45 million.

Seafood exports recorded a growth of 6.02% in quantity, 28.65% in rupee terms and 22.81% growth in US dollar earnings, over the 2010-2011 fiscal.

In the last fiscal, exports to the EU and the US jointly accounted for 41.13% of the total seafood exports in US dollar terms, with a combined lifting of 26% of the total quantity of the total seafood quantity exported from the country.