India’s seafood exports reached a record high in volume during the financial year 2023-24, despite facing challenges in significant export markets. The country shipped 17,81,602 metric tonne (MT) of seafood, worth Rs 60,523.89 crore (US$7.38 billion).
This marked a 2.67 per cent increase in quantity compared to the previous year, although the value was slightly lower than the Rs 63,969.14 crore (US$8.094 billion) recorded in 2022-23.
Key Highlights of India’s Seafood Exports in 2023-24
Frozen Shrimp
Volume and Value: Frozen shrimp remained the largest export item, with 7,16,004 MT shipped, earning Rs 40,013.54 crore (US$4.881 billion).
Major Markets: The USA (2,97,571 MT), China (1,48,483 MT), European Union (89,697 MT), Southeast Asia (52,254 MT), Japan (35,906 MT), and the Middle East (28,571 MT).
Black Tiger Shrimp
Growth: Exports of black tiger shrimp increased by 24.91 per cent in quantity, 11.33 per cent in rupee value and 8.28 per cent in US dollar terms.
Major Destinations: China (28.43 per cent), USA (18.21 per cent), European Union (18.06 per cent), and Japan (13.12 per cent).
Other Major Export Items:
Frozen Fish: Second largest item, with exports worth Rs 5,509.69 crore (US$671.17 million).
Fish and Shrimp Meal and Feed: Third largest, earning Rs 3,684.79 crore (US$449.17 million).
Frozen Squid: Fourth largest, fetching Rs 3,061.46 crore (US$373.40 million).
Surimi and Surimi Analogs: Fifth largest, with 1,35,327 MT exported, earning Rs 2,414.43 crore (US$294.43 million).
Frozen Cuttlefish: Sixth largest, with 54,316 MT worth Rs 2,252.63 crore (US$274.62 million).
Growth Trends
Frozen Shrimp: Increased by 0.69 per cent in quantity.
Scampi: Showed positive trends with increases in quantity (6.42 per cent), value Rs (23.22 per cent), and US$ (18.96 per cent).
Vannamei Shrimp: Slight increase in volume (0.33 per cent) but a decline in value by 11.56 per cent.
Major Export Destinations
USA
Value: US$2,549.15 million, accounting for 34.53 per cent of total US$ value.
Growth: 7.46 per cent increase in quantity and 1.42 per cent in value Rupee terms but a 3.15 per cent decline in US dollar terms.
China
Value: US$1,384.89 million, making up 18.76 per cent of total US$ value.
Growth: 12.80 per cent increase in quantity but a decline of 0.88 per cent in value Rupees and 4.21 per cent in US$ terms.
Japan
Value: 5.42 per cent of total US$ value.
Frozen Shrimp: Major item with 33.26 per cent in quantity and 65.94 per cent in US$ value.
Vietnam
Imports: 1,32,086 MT worth US$391.41 million.
Dominant Item: Frozen shrimp, accounting for 55.43% in US$ earnings.
Thailand
Value: 3.82% of total US$ value.
Major Item: Frozen fish, accounting for 44.37% in US$ earnings.
Canada
Value: US$199.13 million.
Dominant Item: Frozen shrimp, with 93.36% in US$ earnings.
Spain
Value: US$195.95 million.
Major Item: Frozen cuttlefish, with 44.01% in US$ earnings.
Other Notable Markets: Belgium, UAE, and Italy, each contributing around 2% in US$ value.
Despite challenges in major export markets like the USA, EU, and UK, India’s seafood export sector has shown resilience and growth in volume, driven primarily by frozen shrimp and other seafood items. The diversification of export destinations and sustained demand from traditional markets have played a crucial role in achieving this milestone.
