Ministry of Commerce: India’s seafood exports to rise in volume, decline in value in 2023-24

New Delhi: According to data from the Ministry of Commerce, India’s seafood exports recorded a growth of three percent in volume terms but a decline of about eight percent in value terms in the last financial year.

Exports increased in volume to 17,816,020 tonnes valued at $7.38 billion in 2023-24, up from 17,352,860 tonnes ($8.0 billion) in 2022-23.

“India recorded a historic export record by shipping 1,781,602 tonnes of seafood… despite numerous challenges in its major export markets such as the US, European Union and the UK,” said DV Swamy, Chairman, Marine Products Export Development Authority (MPEDA).

Frozen shrimp maintained its position as the most important item in the seafood export basket with exports valued at US$4.88 billion, accounting for 40.19 percent in volume and 66.12 percent in dollar terms.

The United States was the largest market for frozen shrimp (297,571 tonnes) last fiscal year, followed by China (148,483 tonnes), the European Union (89,697 tonnes), Southeast Asia (52,254 tonnes), Japan (35,906 tonnes) and the Middle East (28,571 tonnes).

The ministry said exports of black tiger prawns also recorded healthy growth.

“Frozen fish, the second largest export commodity, fetched $6.71 billion, representing 21.42 percent in volume and 9.09 percent in dollar terms,” ​​it said, adding that these shipments declined by 2.31 percent in dollar terms in 2023-24.

Other important export products include frozen squid, surimi, frozen cuttlefish and frozen octopus.

It added that the US continues to be the largest importer of Indian seafood in value terms, with imports of USD 2.55 billion in 2023-24. It is followed by China, Japan, Vietnam, Thailand, Canada, Spain and Belgium.