Seafood exports from India likely to touch USD 8 bn in FY22-23

New Delhi, Feb 14 (KNN) Despite three years of a sluggish global market caused by the pandemic, logistical hurdles, India’s seafood exports are expected to reach an all-time high of USD 8 billion in FY 2022-23.

“There is optimism about achieving new heights through a multipronged strategy hinging on sustainable fishing methods, value addition, increased aquaculture production through diversification, and aggressively tapping into new markets, D.V. Swamy, chairman, Marine Products Export Development Authority (MPEDA) said.

"Further, the slashing of the customs duty on ingredients, such as fish lipid oil, fish meal, Krill meal, mineral, and vitamin premix which are used in manufacturing aquatic feed, will help to reduce the production cost, thereby providing a competitive edge to the entire stakeholders of the aquaculture industry," he said.

In 2021-2022, India exported 13, 69,264 tonnes of marine products worth USD 7.76 billion (Rs 575.86 billion), registering an all-time high export by value, while shrimp production crossed one million MT.

With the aim to boost maritime exports, MPEDA has organised over 40 Virtual Buyer Seller Meets (VBSMs) with Japan, China, Russia, the UK, Vietnam, Germany, Malaysia, South Korea, Oman, Singapore, and Spain.

As per reports, to further boost exports, the Rajiv Gandhi Centre for Aquaculture (RGCA), the technology standardisation and transfer wing of MPEDA, is setting up the pilot project of Broodstock Multiplication Centre (BMC) of Penaeus monodon (tiger prawn), developed from Andaman and Nicobar Islands, in Visakhapatnam with the aid of Department of Fisheries.

"MPEDA has been making required interventions in the production, value addition and market promotion of seafood to achieve the export target," he added.  (KNN Bureau)