November 4, 2009

Indian seafood exports down slightly in August

India's seafood exports have declined by 4 percent to US$148.54 million in August 2009 over the same period last year owing to slowdown in demand in the US and European markets, according to the Marine Products Export Development Authority (MPEDA).

According to MPEDA, August 2008 exports were at US$154.70 million. Marine products exports plunged by about 8 percent to US$648.75 million during the first five months of the current fiscal from US$703.70 million in the same period last year.

Seafood exports, which have a very minimal contribution to the country's total outward shipments, plunged into the negative zone in October last year. In 2008-09, the exports were placed at US$1.90 billion.

Shrimp export accounts for 44 percent of the total seafood export earnings followed by fish and cuttlefish. EU is the largest market for Indian marine products with a share of 33 percent. 

The weakening of dollar results in falling margins for exporters as their rupee realisations drop, which in turn affects their negotiating power with the global buyers. The dollar is trading at below Rs47 weakening by over 10 percent from Rs52.17 in the first week of March 2009.

US$1 = Rs47.17 (Nov 4)