India's seafood export volume hits all-time high in FY24

India’s seafood exports touched an all-time high in volume terms during the financial year 2023-24 but dipped in value due to various challenges in significant export markets.

India shipped 17,81,602 metric tonnes of seafood worth ₹60,523.89 crore in FY24. Exports improved 2.67% year-on-year in quantity terms last fiscal. In FY23, India exported 17,35,286 MT of seafood worth ₹63,969.14 crore.

Frozen shrimp remained the major export item in quantity and value. The U.S. and China were the major importers of India’s seafood.

“India recorded an all-time high export in terms of volume by shipping 17,81,602 MT of seafood worth $7.38 billion, despite the several challenges in its major export markets like the U.S., the E.U. & the U.K.,” D V Swamy, chairman, Marine Products Export Development Authority (MPEDA), says.

Frozen shrimp, which earned ₹40,013.54 crore, retained its position as the top item in the seafood export basket, 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 export of frozen shrimps during 2023-24 was pegged at 7,16,004 MT. The U.S., the largest market, 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).

Exports of black tiger shrimp increased by 24.91%, 11.33% and 8.28% in quantity, rupee value and U.S. dollar terms, respectively, in FY24. Black tiger shrimps were exported to the tune of 38,987 MT worth ₹2,855.27 crore. 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 U.S. dollar value, followed by the U.S. (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, rupee value and U.S. dollar terms, respectively, in FY24. The Vannamei shrimp exports have grown in 2023-24 by 0.33% by volume; however, they declined by 11.56% from $4,809.99 million to $4,253.86 million.

Frozen fish, the second largest exported item, fetched ₹5,509.69 crore ($671.17 million), accounting for 21.42% in quantity and 9.09% in U.S. dollar earnings. Frozen squid fetched ₹3,061.46 crore, accounting for a 5.25% share in quantity and 5.06% in dollar earnings.

The U.S. continued to be the major importer of Indian seafood in value terms, with an import worth $2,549.15 million, accounting for a share of 34.53% in terms of U.S. dollar value. Exports to the U.S. increased by 7.46% and 1.42% in quantity and value rupee terms; however, they declined by 3.15% in U.S. dollar terms. Frozen shrimp continued to be the principal item exported to the U.S., with a share of 91.90%.

.China (excluding Hong Kong and Taiwan) emerged as the second largest seafood export destination country for India in terms of U.S. dollar with an import volume of 4,51,363 MT worth $1,384.89 million, accounting for 25.33% share in quantity and 18.76% in U.S. dollar terms. Exports to China grew by 12.80% in quantity; however, they declined by 0.88% in rupee value and 4.21% in U.S. dollar value.

Japan is the third largest importer, with a share of 6.06% in quantity and 5.42% in U.S. dollar value terms.