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India Achieves Record High Seafood Exports by Volume in FY 2023-24

India’s seafood exports reached an all-time high in volume during the financial year 2023-24, with a total of 17,81,602 MT of seafood worth ₹60,523.89 crore (US$7.38 billion).

Frozen shrimp remained the major export item in quantity and value, while the USA and China became the major importers of India’s seafood. During FY 2023-24, the export improved in quantity terms by 2.67%. In 2022-23, India exported 17,35,286 MT of seafood worth ₹63,969.14 crore (US$8,094.31 million).

Frozen shrimp earned ₹40,013.54 crore (US$4881.27 million), accounting for a share of 40.19% in quantity and 66.12% of the total dollar earnings. Shrimp exports during the period increased by 0.69% in quantity terms. The largest market, the USA, imported 2,97,571 MT of frozen shrimp, followed by China (1,48,483MT), the European Union (89,697 MT), Southeast Asia (52,254MT), Japan (35,906MT), and the Middle East (28,571 MT).

The export of black tiger (BT) shrimp increased by 24.91%, 11.33%, and 8.28% in quantity, value ₹, and US$ terms, respectively, in 2023-24. China (including Hong Kong) turned out to be the major export destination for black tiger shrimp with a share of 28.43% in terms of US$ value, followed by the USA (18.21%), European Union (18.06%), and Japan (13.12%). Scampi exports have shown a positive trend of 6.42%, 23.22%, and 18.96% in quantity, value ₹, and US$ terms, respectively, in 2023-24.

Other major export items included frozen fish, fish and shrimp-meal & feed-non-edible dried items, frozen squid, Surimi and Surimi Analogs, frozen cuttlefish, chilled items, frozen octopus, fish oil, live items, dried edible items, frozen lobster, and fish maws.

Major export destinations for India include the USA, China, Vietnam, Thailand, Canada, Spain, Belgium, United Arab Emirates (UAE), and Italy. The top 10 markets contribute 79.89% by US$ terms.

In terms of overseas markets, the USA continued to be the major importer of Indian seafood in value terms, with an import worth US$2,549.15 million, accounting for a share of 34.53% in terms of US$ value. Exports to the US increased by 7.46% and 1.42% in quantity and value ₹ terms, but declined by 3.15% in US$ terms.

China (excluding Hong Kong and Taiwan) emerged as the second largest seafood export destination country for India in terms of US$, with an import volume of 4,51,363 MT worth US$1,384.89 million. Frozen shrimp continued to be the principal item exported to China, with a share of 32% in quantity and 55.11% in US$ value. Japan is the third largest importer, with a share of 6.06% in quantity and 5.42% in US$ value terms.

Vietnam holds the fourth largest market position, importing 1,32,086 MT worth US$ 391.41 million. Thailand is the fifth largest market, with a US$ share of 3.82% and a third-place position by volume (7.77% share). Canada ranks as the sixth largest market in US$ (2.70% share) and tenth position by volume (1.40% share) terms, with 24,956 MT worth US$ 199.13 million.

Spain is the seventh largest market in US$ (2.65% share) and sixth largest by volume (2.24% share), with an export volume of 39,849 MT worth US$ 195.95 million. Belgium ranks eighth among seafood export destinations for India.

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