India's seafood exports cross $8 bn in 2022-23

New Delhi, June 15 (KNN) During the financial year 2022-23, India witnessed an unprecedented surge in seafood exports, setting a new record in terms of both volume and value. 

India successfully shipped 1.7 million tonnes of seafood, amounting to a value of Rs 63,969.14 crore (USD 8.09 billion). This marked a remarkable growth of 26.73 percent in terms of quantity and 4.31 percent in terms of value compared to the previous year, 2021-22.

According to a press statement from the Ministry of Commerce & Industry, Frozen shrimp remained the major export item in terms of both quantity and value while USA and China turned out to be the major importers of India's seafood.

Frozen shrimp, which earned Rs 43,135.58 crore (USD 5481.63 million), retained its position as the most significant item in the basket of seafood exports, accounting for a share of 40.98 per cent in quantity and 67.72 per cent of the total dollar earnings. In rupee terms, shrimp exports during the period increased by 1.01 per cent.

The second largest export item in the basket was the Frozen fish which fetched Rs 5,503.18 crore (USD 687.05 million) accounting for 21.24 per cent in quantity and 8.49 per cent in dollar earnings. 

This year the export of frozen fish has increased by 62.65 per cent, 58.51 per cent, and 45.73 per cent in quantity, rupee and dollar value terms respectively.

Under Other items, the third largest export basket worth USD 658.84 million, Surimi fetched Rs. 2,013.66 crore, frozen Octopus fetched Rs. 725.71 crore, Surimi Analogue products fetched Rs. 558.51 crore, canned products fetched Rs. 326.48 crore, frozen lobster fetched Rs. 215.15 crore, along with other products.

The US, China, and the European Union are key markets for Indian seafood. South East Asia is the fourth largest market.  (KNN Bureau)